The Dutch governmental department of Waterways and Public Works grants the Afsluitdijk project to consortium Levvel, in which APG, among others, participates.
Van Oord joins forces with asset manager Aberdeen Standard Investments and APG in this consortium. Together these companies have a 46% share. BAM and pension administrator PGGM also have a 46% share. Consultancy firm Rebel has an 8% share in the project.
Jan-Willem Ruisbroek, Head of Global Infrastructure Investment Strategy: “APG likes to invest in Dutch infrastructure, provided our high demands in terms of returns, risk, cost and sustainability are met. The entire Dutch population will benefit from this investment in the reinforcement of the Afsluitdijk Dam. Furthermore, this investment qualifies as a Sustainable Development Investment (SDI) and the returns for our pension fund participants are attractive.”
Work on the Afsluitdijk Dam starts in the fall of 2018 and will be completed in 2023. After the Dam has been renovated, it can withstand the type of storm that only occurs once every ten thousand years. The discharge capacity will also be increased: drainage sluices will be expanded, and pumps will be installed.