SNC-Lavalin has taken some cash out of five of its Canadian P3 contract holdings and set up a system that could see the engineer-investor-builder cash out more infrastructure assets in the future. The company said it had set up a new holding company, SNC-Lavalin Infrastructure Partners LP, and sold 80% of it to BBGI SICAV S.A., a European P3 investor, for Cdn $208 million. As well as keeping 20% of the new partnership, SNC will manage it and remains as the counterparty in the P3 deals.

The new company holds SNC’s interests in five mature P3s: the William R. Bennett Bridge and the Canada Line, both in British Columbia; a section of the Calgary ring road, Southeast Stoney Trail; the Restigouche Hospital Centre in New Brunswick; and the McGill University Health Centre Glen site in Montreal.