Bam agrees NATO increase
05 December 2014
An additional €85 million has been agreed to be paid over the building of NATO’s new headquarters in Brussels, Belgium.
The Belgian Ministry of Defence has agreed to pay the sum to Bam Alliance, the Bam consortium working on the project, after a claim for additional costs and a new time frame was submitted at the end of 2013.
The additional payment to Bam Alliance and building partners is compensation for additional works and services, and completion of the works is now expected in the summer of 2016.
Bam said this amount had no effect on its previously published profit outlook for 2014, as it related partly to expenses of non-BAM companies – its building partners – and partly to future additional measures. It said the part which related to Bam for 2014 was in line with the earlier forecast.
Bam Alliance started the construction of the new NATO headquarters opposite its current headquarters in October 2010. The original contract value was approximately €460 million.
BAM said it was satisfied that this agreement provided a good basis to complete the project within the newly agreed term and budget.