SAN FRANCISCO, Calif., Sept. 19 /PRNewswire/ -- Babcock & Brown, a leading global asset manager, today announced that Babcock & Brown Public Partnerships Limited (LSE: BBPP) ("BBPP") has been awarded the Alberta Schools Project. The project, which consists of a 32-year contract for the provision of 18 new schools in Edmonton and Calgary, Canada, is the largest schools project in the history of Canada. Babcock & Brown acted as an advisor to BBPP.
Alberta Schools is BBPP's second Canadian Public-Private Partnership ("P3") project and was commissioned by the Alberta Government through Alberta Infrastructure. The contract is for the design, construction, finance and maintenance of nine schools in Edmonton and nine schools in Calgary. The schools are scheduled to complete construction in July 2010. The concession period is 32 years, including a 22-month construction period.
"This historic project demonstrates Babcock & Brown's extensive experience in developing and managing infrastructure projects, our ability to continue to lead winning consortiums, and our continued success partnering with the public sector," said Mike Garland, head of North American infrastructure at Babcock & Brown.
"We are very pleased to partner with the Government of Alberta on this historic schools project," said Giles Frost of Babcock & Brown Public Partners. "We look forward to bringing our experience with P3 new schools construction to the province and providing and maintaining quality learning environments for Alberta's students."
BBPP is investing 75% of the equity, with Gvest, an affiliate of Graham Construction, providing the remaining 25%. Graham Construction and Bird Construction are the two contractors to the project. Construction will be undertaken under a typical fixed-price, fixed-time contract. Honeywell will provide the facilities management and maintenance services for the period of the concession.
About Babcock & Brown
Babcock & Brown is a leading global alternative asset manager specializing in the origination and management of asset in sectors where Babcock & Brown has a leading franchise and proven track record, and where there are opportunities to add scale: Infrastructure, Air Operating Leasing and selected Real Estate.
Babcock & Brown operates from 33 offices across Australia, North America, Europe, Asia, United Arab Emirates and Africa and has in excess of 1,500 employees worldwide. The company has established a specialized funds and asset management platform across the operating divisions that has resulted in the establishment of a number of listed and unlisted focused investment vehicles in areas including real estate, renewable energy and infrastructure. For further information about Babcock & Brown please see our website: http://www.babcockbrown.com.
Contact: Matt Dallas Babcock & Brown 212-796-3918 email@example.com
SOURCE Babcock & Brown
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