Brussels-listed real estate company Cofinimmo is leading a public-private partnership consortium that is to build a prison in Leuze-en-Hainaut, Belgium. The Future Prisons consortium selected as preferred bidder for the EUR 100 mln project consists of Cofinimmo and Belgian construction companies Cordeel Zetel Temse and Willemen.
Brussels-listed real estate company Cofinimmo is leading a public-private partnership consortium that is to build a prison in Leuze-en-Hainaut, Belgium. The Future Prisons consortium selected as preferred bidder for the EUR 100 mln project consists of Cofinimmo and Belgian construction companies Cordeel Zetel Temse and Willemen.
An agreement signed last week between the consortium and Belgian authorities is modelled on the design-build-finance-maintain principle. The final contract negotiations are scheduled to conclude in early September.
Cofinimmo has a 50% capital stake in the consortium and will exercise exclusive control over the project company, FPR Leuze, until the property is handed over in 2013. At that stage Cofinimmo will buy out the other members of the consortium.
Cofinimmo is the largest listed Belgian real estate company and its 170,000-m2 portfolio of office, nursing home and pub properties is valued at EUR 3 bn.
