The group expects to dispose of further assets in the second half of the year
Balfour Beatty plc (LON:BBY) said it made its first disposal from its £1.1bn Infrastructure Investments asset portfolio since 2019 and expects to sell further assets later this year.
The international infrastructure group announced the sale of its 70% interest in the BC Children s & BC Women s Hospital Redevelopment Project Phase 2 - Teck Acute Care Centre, located in Vancouver, Canada.
The disposal proceeds of about £20mln exceed Balfour Beatty’s valuation as at the end of 2020.
The pre-tax profit on disposal is £7mln with the end to end investment multiple (total cash received/total cash invested) in excess of the group s 2x target, it said.
LONDON (dpa-AFX) - Balfour Beatty plc (BBY.L) said that it agreed to sell its 70% interest in the BC Children's & BC Women's Hospital Redevelopment Project Phase 2 - Teck Acute Care Centre, located
Balfour Beatty has restarted its asset sell-off after disposing of its 70% stake in a Canadian hospital.
The contractor has raised £20M from the sale of its stake in the BC Children s & BC Women s Hospital Redevelopment Project Phase 2 - Teck Acute Care Centre which is located in Vancouver.
According to a stock-market statement by Balfour Beatty the sale is in excess of the director’s valuation of the project and the contractor has bagged a pre-tax profit of £7M on the sale.
The transaction marks the first disposal from the Group s £1.1bn Infrastructure Investments asset portfolio since 2019. It is consistent with Balfour Beatty s strategy of optimising value through the disposal of operational assets, whilst also continuing to invest in new equity opportunities.