Balfour Beatty completes sale of Singapore ITE College West PPP Project
01 October 2019
Balfour Beatty today announces the sale of its 50% interest in the ITE College West PPP Project. Balfour Beatty’s co-shareholder, Jardine Pacific, also sold its 50% stake as part of the same transaction, with Balfour Beatty leading the sale on behalf of both shareholders.
Ion Appuhamy, Managing Director of Balfour Beatty Investments, said: "ITE College West was the first social infrastructure PPP Project of its kind in Singapore. Having built the project and successfully operated it for nine years the time is now right for us to realise our investment.”
The sale aligns with Balfour Beatty’s ongoing strategy of optimising value through the sale of mature investments and continuing to invest in new opportunities.
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Notes to editors:
- Balfour Beatty (balfourbeatty.com) is a leading international infrastructure group. With 26,000 employees, we provide innovative and efficient infrastructure that underpins our daily lives, supports communities and enables economic growth. We finance, develop, build and maintain complex infrastructure such as transportation, power and utility systems, social and commercial buildings.
- Our main geographies are the UK, US and Hong Kong. Over the last 100 years we have created iconic buildings and infrastructure all over the world including the London Olympics’ Aquatic Centre, Hong Kong’s first Zero Carbon building, the National Museum of the Marine Corps in the US and the Channel Tunnel Rail Link.
- Balfour Beatty Investments is an international infrastructure investor operating in the UK and US. We provide the investment capability required to deliver complex infrastructure projects. Over the past 22 years, Balfour Beatty Investments has established itself as one of the largest investors in the PPP industry, building a portfolio of more than 70 projects worldwide, predominantly in the UK and North America. In recent years, Balfour Beatty Investments has diversified into new markets including student accommodation and private rental sector housing (multi-family housing in the US).