heart of the south closes

The Hart van Zuid Public Private Partnership (“PPP”) project reached financial close last week (28 April).

The consortium, Coeur du Sud, consisting of Ballast Nedam, Heijmans and 3i have signed an agreement with the council of Rotterdam to rejuvenate and redevelop the southern part of Rotterdam. The senior debt is to be provided by BNG Bank.

Construction is due to start in the second quarter of 2016, beginning with the swimming pool. It will include an expansion of the Ahoy convention centre to include an international conference centre, a music hall, a cinema and a hotel, as well as the construction of an art building with a library and theatre. The project also includes the regeneration public transport infrastructure.

Our team in London and Delhi were pleased to provide model audit services on this transaction. We have been involved since the initial bid in 2014 and were delighted to attend the financial close in person in Rotterdam last Thursday.

themodelauditor.com is the blogsite of the Mazars model audit team – the global #1 in financial model audit.

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