Balfour Beatty, the international infrastructure group, announces the disposal of its 50% interest in the Salford Hospital PFI asset to a subsidiary of HICL Infrastructure Company Limited for a consideration of £22.0 million, generating a gain on disposal of £11.5 million. The proceeds from the transaction, which completed in June, exceed the Directors’ valuation by £8.3 million.
Commenting today, Balfour Beatty Chief Executive, Andrew McNaughton, said:
"It is pleasing to see that our strategy of regular asset disposals to release some of the accumulated value in our portfolio continues to deliver additional income and cash to the Group.
“With the completion of the Salford Hospital sale, we have achieved £80.5 million of proceeds and £44.9 million of gains on PFI disposals so far this year.”
Balfour Beatty plc
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Notes to editors:
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.