Balfour Beatty, the international infrastructure group, announces the sale of its interest in Exeter Airport to Patriot Aerospace, the aviation division of Rigby Group PLC. The carrying value of the Group’s investment had been written down to £nil in 2012. The proceeds from the sale will be used to repay the funders.
Commenting today, Balfour Beatty Chief Executive, Andrew McNaughton, said:"We are pleased to have come to an arrangement with our JV partner and the funders that ensures the future viability of the airport for its staff and the local community it serves.”
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Notes to editors:
1. Balfour Beatty (www.balfourbeatty.com) is an international infrastructure group that delivers world class services essential to the development, creation and care of infrastructure assets; from finance and development, through design and project management to construction and maintenance.
Our businesses draw on more than 100 years of experience to deliver the highest levels of quality, safety and technical expertise to our clients principally in the UK, the US, Southeast Asia and the Middle East. We continue to develop our business in key growth markets in South Africa, Australia, Canada, Brazil and India.
With proven expertise in delivering infrastructure critical to support communities and society today and in the future, our key market sectors include transportation (roads, rail and aviation), power and energy, mining, water and social infrastructure such as hospitals and schools.
Balfour Beatty employs 50,000 people around the world.