This project is a 35 year concession to design, build, finance and operate a new Garrison facility at Colchester, Essex for the UK Ministry of Defence. The project reached financial close in February 2004 and construction was completed in April 2008. Today Colchester Garrison provides fully serviced accommodation, training, education and welfare facilities for the 3,500 military and 700 civilian personnel who live and work at the Garrison. The investment was made into RMPA Holdings Limited which holds the concession of Colchester Garrison.
Allianz is investing in the project alongside the UK’s Pensions Infrastructure Platform (PIP) PPP Equity Fund, which is managed by Dalmore Capital and which will increase its shareholding in the project from 17 percent to 30 percent. The acquisition of the combined 69 percent shareholding will be for a total consideration of GBP 139 million.
"We are very pleased to be investing in the Colchester Garrison PFI project alongside a like-minded, long-term partner such as Dalmore Capital and PIP. We understand the importance of the Garrison to the Ministry of Defence and we will continue to ensure operational excellence and customer satisfaction", said Christian Fingerle, Chief Investment Officer responsible for infrastructure investments at Allianz Capital Partners. "The stable and long-term nature of this project fits well to the investment strategy of Allianz and provides further diversification to our existing infrastructure portfolio."
Dennis Kelly, CEO of RMPA Holdings Limited commented the transaction: "RMPA is delighted to welcome Allianz as the major shareholder in the Colchester Garrison PFI. We are proud of the success of the project and the relationship we have with the MOD; we look forward to working with Allianz and welcome their commitment to build on that relationship."