Balfour Beatty secures £230 million PPP housing project with US Air Force
09 March 2012
Balfour Beatty, the international infrastructure group, announces today that Balfour Beatty Communities, a division of its US PPP concession arm, has reached financial close on a $362 million (£230 million) project to design, build and renovate 3,268 military homes at four bases in California, Wyoming, Montana and Missouri for the US Department of the Air Force.
Overall management and maintenance of the 50 year project, known as the Western Group Housing Privatisation Project, will be met by Balfour Beatty Communities. In addition, Balfour Beatty Capital, Inc., the infrastructure investment arm of Balfour Beatty Capital Group, Inc. has made an equity investment of approximately $16.3 (£10.3) million in the project. Balfour Beatty Construction US will be responsible for the new construction elements of the project.
Commenting on the contract award today Balfour Beatty Chief Executive, Ian Tyler, said:
“We are delighted that this project has reached financial close, extending our long relationship with the US Air Force. It is particularly pleasing to see many of the component parts of our Group in the US coming together to deliver this important project.”
Balfour Beatty Communities, including the Western Group Housing Privatisation Project, currently manages and operates 19 military housing privatisation projects at 48 military communities in 26 US states and Washington D.C.
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Notes to Editors:
1.Balfour Beatty (www.balfourbeatty.com) is a world-class infrastructure group with capabilities in professional services, construction services, support services and infrastructure investments.
We work in partnership with our customers principally in the UK, continental Europe, the US, South-East Asia, Australia and the Middle East, who value the highest levels of quality, safety and technical expertise.
Key infrastructure markets include transportation (roads, rail and airports); social infrastructure (education, specialist healthcare, and various types of accommodation); utilities (water, gas and power transmission and generation) and commercial (offices, leisure and retail).
The Group delivers services essential to the development, creation and care of these infrastructure assets including project design, financing and management, engineering and construction, and facilities management services.
Balfour Beatty employs 50,000 people around the world.