BERLIN (dpa-AFX) - HOCHTIEF (HOCFF.PK) said that a consortium around HOCHTIEF Solutions subsidiary HOCHTIEF PPP Solutions North America and ACS has reached the financial close for the Northeast Anthony Henday Drive project in Edmonton, Alberta, Canada. The public-private partnership will design, build, operate and partially finance the project at an overall contract value of 1.39 billion euros, or C$1.81 billion, over 34 years.
The project will include the construction of 27 kilometers of six- and eight-lane divided roadway, nine interchanges, two road flyovers, eight rail crossings, and two bridges across the North Saskatchewan River, for a total of 46 bridge structures.
The construction work, for instance, is to be carried out by a joint venture which includes group subsidiaries Flatiron and Dragados. HOCHTIEF and ACS each hold a stake of 25 percent in the concession company. Flatiron and Dragados each hold a 33.75 percent share in the construction joint venture.
The public-private partnership, or PPP, project will be financed by the issuance of a bond which has been placed extremely successfully. The C$535 million bond issue, which has received an A- rating, was met with great interest on the part of investors and was over-subscribed.
Construction will commence in June 2012, with completion of the project scheduled for the fall of 2016.
Copyright RTT News/dpa-AFX
© 2012 AFX News
