28th Apr 2014 07:39
LONDON (Alliance News) - Balfour Beatty PLC Monday said it has reached financial close on the GBP196 million BC Children's & BC Women's Redevelopment Project, Phase 2, in British Columbia, Canada.
The construction giant said it will invest up to GBP8.9 million into the project, which is around 70% of the equity required, while Canadian residential construction services business Ledcor Developments will invest the remaining equity.
Balfour was appointed as the preferred bidder for the project by the Provincial Health Services Authority in British Columbia in January. The public?private partnership project covers the design, construction, financing and facilities management for a new children's and women's acute care centre in Vancouver.
Construction services, expected to start immediately, will be delivered through a 50:50 joint venture between Balfour Beatty Construction and Ledcor Design Build.
In addition, Balfour said it has entered into a 50:50 joint venture with Canadian facilities management firm Black & McDonald Ltd to deliver facilities management to the scheme in a 30 year deal. The financial terms have not been disclosed.
The stock was trading at 278.90 pence Monday morning, down 2.80 pence or 1.0%.
http://allapp.alliancenews.com/article?u=ecf1163762244426a82d1ba117ebb16b&a=1389599282936814000
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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