LONDON, UK: Balfour Beatty, the international infrastructure group, announces 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 c. £20 million are in excess of the Directors’ valuation as at 31 December 2020. The pre-tax profit on disposal is £7 million with the end to end investment multiple (total cash received / total cash invested) in excess of the Group’s 2x target.
The transaction marks the first disposal from the Group’s £1.1 billion 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.
The secondary market for assets remains very strong and the Group is expected to dispose of further assets in the second half of the year.
Balfour Beatty plc
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2 Jun, 4:45 pm GMT+1 · Disclaimer
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