2nd Jun 2014 06:33
LONDON (Alliance News) - Infrastructure company Balfour Beatty PLC Monday said it had sold its interests in two public-private partnership assets for GBP97 million in total, generating total gains on disposal of GBP51 million.
In a statement, the company said it had sold its 50% interest in the University Hospital of North Durham PPP project and its 100% interest in the Knowsley Building Schools for the Future project, with both assets bought by Dalmore Capital Ltd.
The proceeds exceeded the directors' valuations by GBP44 million, and represented an uplift of 82%, Balfour said. It will use the money to invest in new and existing projects.
The sale of the Knowsley asset for GBP42 million is unconditional and is expected to complete shortly. The sale of the Durham asset for GBP55 million is subject to the right of the co-shareholder to exercise its rights of pre-emption at the proposed sale price, with completion expected to occur by mid-July.
"These disposals are in line with our strategy to generate income from our Infrastructure Investments business through disposals, thereby releasing cash for future investments and delivering value for our shareholders," Balfour Beatty Chairman Steve Marshall said in a statement.
By Steve McGrath; [email protected]; @SteveMcGrath1
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