A Heijmans joint venture has reached financial close for the reconstruction of the A27 and A1 motorways in the Netherlands.
The joint venture – which is named 3Angle and is made up of Heijmans Capital, 3i Infrastructure and Fluor Infrastructure – signed the €220 million, which includes the management and maintenance of the motorways over a 25-year period.
The contract also includes the financing, design, construction, management and maintenance of the reconstruction of the A27 motorway between Utrecht North and the Eemnes junction. It also includes the A1 motorway between the Eemnes junction and the Bunschoten-Spakenburg interchange.
The A27 will expand from two to three lanes, while the A1 will gain an extra two lanes. 3Angle will also widen the A27-A1 connecting curve within the Eemnes junction.
The financing consists of both loan capital and equity. The loan capital is provided by DZ Bank, ING Belgium, KBC Bank, Nederlandse Waterschapsbank and Sumitomo Mitsui Banking Corporation.
KBC Bank will also serve as the agent of the financiers. The equity is contributed equally by the three 3Angle shareholders.
Construction is scheduled for completion by late-2018, when the 25-year maintenance period will begin.