HOCHTIEF Consortium to Build and Operate Access to Golden Gate Bridge
ESSEN, Germany, June 19, 2012 /PRNewswire/ –
- Public-private partnership project reaches financial close - Total contract volume of around EUR 800m; HOCHTIEF share is 50 percent; 33.5-year contract - Collaboration between HOCHTIEF and US subsidiary Flatiron
A consortium lead by HOCHTIEF Solutions subsidiary HOCHTIEF PPP Solutions North
America and the infrastructure fund Meridiam has reached financial close for the Presidio
Parkway project in San Francisco, California. The two partners will plan, build, operate
and partially finance the public-private partnership (PPP) which has a volume of EUR 800
million and will run for 33.5 years. HOCHTIEF has a 50 percent share in the concession
company, Golden Link Concessionaire. The Group’s US subsidiary Flatiron is the lead in the
construction joint venture, in which it has a 65 percent stake. The volume of the
construction contract is EUR 197 million. It was only in May that HOCHTIEF PPP Solutions
North America reached financial close for another major PPP project in Canada, Northeast
Anthony Henday Drive.
Presidio Parkway is to be a new southern access route to the Golden Gate Bridge.
Following completion in 2015 the road will run for around 2.5 kilometers along the
northern coast of San Francisco, extending from the toll station on the Golden Gate Bridge
on the west, to Broderick Street in the east, giving access to historical and cultural
landmarks. The existing access road which was built in the 1930s is structurally and
seismically unsafe. It is therefore being replaced by the Presidio Parkway which, once
completed, will serve approximately 120,000 trips per day. The project also includes
various tunnels, major interchanges and a landscaping component.
The HOCHTIEF consortium submitted a bid in mid-2010 and was awarded the contract on
December 27, 2010. The PPP project is an availability model in which no traffic demand
risks are taken on. Project financing is by means of short-term bank loans and a long-term
state-financed TIFIA (Transportation Infrastructure Finance and Innovation Act) loan.
HOCHTIEF is one of the leading international providers of construction-related
services. With more than 75,000 employees and a sales volume of EUR 23.28 billion in FY
2011, the company is represented in all the world’s major markets. The Group’s service
offering in the fields of development, construction, services, concessions and operation
covers the entire life cycle of infrastructure projects, real estate and facilities. In
this connection, HOCHTIEF focuses on four strategic growth areas: creating sustainable
energy infrastructure, shaping major cities, building state-of-the-art transportation
infrastructure, and contract mining business. With its subsidiary Leighton (HOCHTIEF share
around 54 percent), the Group is market leader in Australia. In the USA, the biggest
construction market in the world, HOCHTIEF is the No. 1 general builder via its subsidiary
Turner and, with Group company Flatiron, ranks among the most important players in the
field of transportation infrastructure construction. Because of its engagement for
sustainability, HOCHTIEF has been listed in the Dow Jones Sustainability Indexes since
2006. Further information is available at http://www.hochtief.com/press.
HOCHTIEF Solutions consolidates the core business of the HOCHTIEF Group in Europe and
in selected regions worldwide. The company plans, develops, builds, operates and manages
real estate and infrastructure facilities. HOCHTIEF Solutions is the management company of
the Group’s Europe division which employed around 15,000 people around the globe in fiscal
2011. In many regions and segments, the company is a market and innovation leader. Further
information is available at http://www.hochtief-solutions.com.
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SOLUTIONS AG Communications PPP Solutions Press contact: Stefan Hannen Tel.: +49-201-824-2960 Fax: +49-201-824-94261 firstname.lastname@example.org
SOURCE HOCHTIEF Solutions AG