Cologne – CMS has successfully advised on the financing of the B 247 PPP project in Thuringia up to the financial close on 17 September 2021. Acting on behalf of the German federal government, DEGES Deutsche Einheit Fernstraßenplanungs- und -bau GmbH awarded the consortium bidder, Via Mühlhausen, the contract for the infrastructure project in July. The consortium’s members are VINCI Concessions Deutschland GmbH and Via Erste Beteiligungsgesellschaft mbH. The contract started on 1 October 2021. Total investment is put at more than EUR 500 million.
A CMS team headed by lead partner Dr Christian Scherer advised the funders on all legal aspects of reviewing the project agreements and financing the project. Construction work worth around EUR 186 million will be financed by external capital providers and the remainder through instalment payments by the awarding body. The external capital has mostly been raised via a bond through private placement of debt securities with maturities of 29 years.
The B 247 project is Germany’s first PPP project for a federal highway. The project has a 30-year term. It comprises the planning, financing, construction, maintenance and operation of the new highway, whose 22-kilometre length includes the construction of new bypasses around Mühlhausen/Höngeda and Großengottern/Schönstedt as part of the B 247 scheme. There are also six kilometres of access roads to be built. The construction work is expected to take around four years.
CMS Germany
Dr Christian Scherer, Lead Partner
Dr Yves Steingrüber, both Real Estate & Public, Cologne
Dr Marc Riede, Partner, Financing Lead
Dr Kerstin Block, Partner
Carl Werner, Principal Counsel
Dr Julia Runge, Principal Counsel
Nicolai Bischof, Senior Associate, all Banking & Finance, Hamburg
Press Contact
presse@cms-hs.com
