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Concert Infrastructure Makes Further Investment in the ASAP III Project
Vancouver, BC – Concert Infrastructure is pleased to announce the acquisition of HOCHTIEF PPP Solutions GmbH’s 50% interest in the Alberta Schools Alternative Procurement III (ASAP III) project and specifically ABC Schools Partnership, the “Project Company”. Previously holding a 50% interest in the project, Concert Infrastructure now wholly owns the Project Company. As part of the acquisition Concert Infrastructure assumes sole responsibility for the management of the project, while Ainsworth remains the day-to-day facilities management service provider.
This acquisition further supports Concert Infrastructure’s strategy of investing in primary and acquiring secondary infrastructure assets as well as managing these assets through the term of their concession.
“Acquiring HOCHTIEF’s interest in the ASAP III project demonstrates Concert Infrastructure’s objective to act as a long-term investor, developer and manager of public infrastructure,” says David Podmore, Concert Infrastructure’s Chairman & Chief Executive Officer. “Through this investment we continue to represent the best interest of our Canadian union and management pension plan unitholders, and build our presence as the largest investor and manager of multi-site PPP projects in North America.”
Delivery of the ASAP III project included responsibility for designing, building, financing and maintaining 12 schools in eight communities across Alberta. Combined, the schools encompass approximately 710,000 square feet with capacity for up to 7,700 students. This school infrastructure project aligns with the Province’s commitment to build Alberta’s economic future, and invest in families and fast growing communities. The schools were designed to achieve Leadership in Energy and Environmental Design (LEED™) Silver certification with four schools achieving LEED™ Gold certification. The project reached substantial completion in June 2014. Concert Infrastructure will continue to work in collaboration with Alberta Infrastructure and Alberta Education to operate and maintain the schools for the remainder of the concession period. Ownership of all schools remains with the school boards.
About Concert Infrastructure
Concert Infrastructure is an independent, long-term investor, developer and manager of public infrastructure, and has been successful in forming strong strategic partnerships and securing solid investment opportunities for its pension plan unitholders. Concert Infrastructure approaches each project with the intention of remaining a partner for the duration of the project, valuing long-term, stable returns for our ten Canadian union and management pension fund shareholders.