Concert is pleased to announce the acquisition of HOCHTIEF PPP Solutions GmbH’s 50% interest in the Ontario Provincial Police Modernization (OPPM) project and specifically the project company Shield Infrastructure Partnership (SIP), as well as the refinancing of the project through issuance of a ‘green bond’ rated A1 by Moody’s Investor Service. Having previously held a 50% interest in the project, Concert now wholly owns the project company.
Concert refinanced the long-term bank debt through the issuance of a ‘green bond’ via the Province of Ontario’s new program aimed at supporting environmentally-sustainable infrastructure projects. The project utilized environmentally-sustainable construction practices, and is both energy and water efficient in its operation. Particularly innovative was the use of a ‘ground source heat exchanger’ within the Regional Headquarters in Orillia. These facilities have been assessed in the top tier of green projects in Canada: 16 are certified LEED Silver, one is LEED Gold certified and all are pending BOMA BESt certification.
The acquisition and refinancing of the OPPM project further represents a key component of the company’s three-pronged investment strategy of acquiring primary and secondary infrastructure assets as well as managing these assets through the term of their concession. Through the acquisition of SIP, the project continues to serve as an exceptional long-term investment for Concert and its unit holders.
“With this acquisition, Concert remains the largest investor and manager, of multi-site PPP projects in North America, with an interest in 40 individual facilities,” said David Podmore, Concert Infrastructure’s Chairman & Chief Executive Officer. “This acquisition further demonstrates Concert’s long-term commitment to investment in and management of Canadian infrastructure assets.”
The OPPM Project reached substantial completion, on schedule and within budget on November 23, 2012, and has been operational for more than two years. Through the project, 18 facilities including detachments, regional headquarters and forensic identification units are being managed in 16 communities across Ontario. All facilities in the project are publicly-owned assets.
Concert Infrastructure will continue to work with Infrastructure Ontario, the Ontario Provincial Police (OPP), and the Ministry of Community Safety and Correctional Services (MCSCS), to operate and maintain modern buildings to support the OPP and its officers in their mission to keep Ontario’s communities safe.