21st Jun 2016 09:08
LONDON (Alliance News) - Infrastructure investor and manager John Laing Group PLC on Tuesday said it has agreed the sale of its UK project management services assets to HCP Management Services Ltd for an undisclosed amount.
HCP provides project management services to the public-private partnership sector in the UK.
Completion of the sale is expected no later than the fourth quarter of 2016, following the receipt of a number of approvals at the project level. As part of the sale, around 90 staff and 62 management service agreements will transfer to HCP.
John Laing said the sale has been made as its future investment pipeline is focused on greenfield opportunities. The group's project management services activities are mainly provided under management service agreements to UK projects in which John Laing Group, John Laing Infrastructure Fund, and John Laing Environmental Assets Group are investors.
"The transaction is consistent with our strategy of focusing on our core business of investment in and active management of greenfield infrastructure assets across our main markets of Europe (including the UK), Asia Pacific and North America," said John Laing Group Chief Executive Olivier Brousse.
John Laing Group shares were up 0.1% to 222.8 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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