Dutch pensions manager, PGGM, has entered a €390 million infrastructure joint venture agreement with construction company, Royal BAM Group, Financial News reports. PGGM, which looks after €99 billion on behalf of Dutch pension funds, will contribute nearly €270 million to the joint venture, while BAM will contribute a further €120 million towards the new projects.
Out of PGGM’s total contribution, €150 million will be used to back BAM’s existing portfolio of public-private-partnership projects in the U.K., the Netherlands and other European countries, while €120 million will be put toward buying new projects. BAM, whose contribution will all be in the social and transport sectors, will serve as the manager of the assets.
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