On 18 February 2020, the contract for the design, construction, finance and maintenance of the Dendermonde Prison project in Belgium has reached Financial Close successfully. The Belgian Buildings Agency (Regie der Gebouwen / Régie des Bâtiments) awarded BAM PPP b.v. the contract for the provision of a prison in Dendermonde, which will house 444 inmates.
The construction work is due to start in August 2020 and is expected to be completed by October 2022 at the latest.
Stibbe acted as legal advisor to the Belgian Buildings Agency, alongside Rebel Advisory (financial) and eld (technical).
BAM PPP PGGM Coöperatie U.A. is 100% shareholder and equity provider of the special purpose company “Poort van Dendermonde”. BAM Interbuild will be in charge of the design and construction of the project, while BAM fm will provide the maintenance for a period of 25 years and soft facilities services which will be limited to laundry, waste treatment and catering services.
Senior Debt is provided by Belfius Bank, AG Insurance and Nationale-Nederlanden Levensverzekering Maatschappij. Coöperatieve Rabobank provides the Equity Bridge Facility of €15m.
Stibbe currently has similar mandates for the Belgian Buildings Agency for the realization of new prisons in Antwerp, Leopoldsburg, Verviers and Vresse-sur-Semois.