Clifford Chance

Clifford Chance advises Infrared on acquisition of shares in Zaanstad prison PPP project

Ballast Nedam has sold 75% of its investment in the special purpose company (SPC) of the Zaanstad Penitentiary Institution PPP project to a subsidiary of HICL Infrastructure Company Limited (“HICL”) for the amount of EUR 11,5 million. Clifford Chance Amsterdam acted for Infrared Capital Partners, fund manager of HICL. The amount of EUR 11,5 million comprises an investment in shares and a loan stock subscription obligation payable following construction completion.

The Zaanstad Penitentiary will be constructed in the eastern part of the Hoogtij industrial site in Westzaan, and will accommodate over one thousand detainees.

The team in Amsterdam was led by Jaap Koster and Willem-Jan Wieland and included Nanette Rutgers, Joel Erwteman, Thomas Heijerman and Andrei Mikes.