Balfour Beatty announces sale of PPP Investment
29 April 2015
Balfour Beatty today announced the sale of its 50% interest in the Royal Infirmary of Edinburgh project for a consideration of £72 million. The proceeds from the transaction are consistent with the most recent Directors’ valuation.
The investment is being acquired by funds managed by Equitix, a market leading investor and fund manager of core infrastructure assets. The sale of the investment remains subject to the right of the co-shareholder to exercise its rights of pre-emption at the proposed sale price.
The consideration is to be paid in cash in full on completion of the transaction, expected to occur by mid-June, and will be retained within the business.
Leo Quinn, Balfour Beatty Group Chief Executive, said: “This transaction again underlines the quality of the investments portfolio and its ability to generate value for shareholders. It also demonstrates our commitment to maintaining a strong balance sheet through self-help as we deliver the first phase of the Build to Last transformation programme.”