PGGM ups stake in joint venture with construction company BAM

first_imgDutch pension giant PGGM has increased its stake in its joint venture with construction company BAM and the partners have started discussions about increasing their joint investments in infrastructure.PGGM paid €39m to BAM for upping its stake by 10 percentage points to 90% in the joint venture. It is looking to commit an additional undisclosed amount to increase its investments in infrastructure projects.Almost all of the €620m the €252bn pension investor committed in 2011 has now been invested. The two partners said they still see “plenty of opportunities” in infrastructure investments despite the coronavirus crisis.Through the partnership with BAM, PGGM invests in public-private partnerships in 23 infrastructure projects in the Netherlands, the UK, Ireland, Belgium, Switzerland and Germany, ranging from the building of the Dutch High Court in The Hague to the Silvertown tunnel in London. The impact of the coronavirus crisis on these projects had so far been negligible, said Natasha Mol, investment manager at PGGM.“This is because we get a fixed fee from the governments involved in the project,” she said. “So far governments have proved to be reliable creditors.”She added that the valuation of the infrastructure projects had also remained stable, resulting in positive returns in the second quarter of the year.Although BAM suffered a net loss of €235m in the first half of 2020 as it has been hit hard by the coronavirus crisis, PGGM insists it did not increase its stake in the joint venture with the construction company with the goal of helping BAM weather the crisis.“This is a conscious choice to increase our investments in this type of assets,” said Mol. “The long-term horizon and stable returns fit well with the demands of our client [healthcare pension fund] PFZW.”In another recent transaction, APG’s decision to increase its stake in Via Outlets was partly motivated by a desire to help out its other shareholder, UK real estate company Hammerson.“On the contrary, I don’t rule out that governments will increase investments because of the crisis”Natasha Mol, investment manager at PGGMThough the coronavirus crisis has put a strain on government finances, Mol believes it will not negatively impact the ability of governments to finance infrastructure projects in the future.“I haven’t received any signals of this kind,” she said. “On the contrary, I don’t rule out that governments will increase investments because of the crisis, for example in healthcare and education. And this may happen more often via public-private partnerships.”PGGM also invests in schools and hospitals through its infrastructure fund.In addition to roads and buildings, PGGM also invests in renewable energy assets within its infrastructure portfolio, which totals €8.9bn. It achieved a return on its infrastructure investments of -3.1% in the first half of this year, compared to a return of +7% in 2019.To read the digital edition of IPE’s latest magazine click here.last_img read more

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GAA CLUB HOPING FOR FULL HOUSE WITH FIRST EVER DRIVE-IN BINGO!

first_imgDrive-in bingo is coming to Donegal!A Donegal GAA club has been granted the first license for drive-in bingo in the county.Naomh Muire GAA club in The Rosses now hopes its car park will be bumper-to-bumper on Sunday, October 11th next.And with a guaranteed jackpot of more than €2,000 on the day, bingo players from across the county look set to descend on the West Donegal club for the day out. The novel idea is beginning to take hold in different part so the country.But Naomh Muire officials say it’s the first time a club in Donegal have tried it.Club spokesman Charlie The Yank Boyle told Donegal Daily they are hoping the drive-in bingo will take off.“It’s something a little different and it’ll be good craic. We’re still getting to grips with the planning details and how it will work but we’re hoping of a good turn-out. “People love a good game of bingo, including myself, and now they won’t even have to leave the comfort of their own car.“I hope people are luckier than me. I’ve only ever had a line once and even then, it was a wrong call because I had a wrong number.“But even apart from the fun, we’ll have some great cash prize on offer,” he said.GAA CLUB HOPING FOR FULL HOUSE WITH FIRST EVER DRIVE-IN BINGO! was last modified: September 26th, 2015 by StephenShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window) Tags:donegaldrive-in bingoNAOMH MUIRElast_img read more

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