LONDON, UK: Balfour Beatty, the international infrastructure group, announced the sale of its 67% interest in Aspire at Discovery Park, the on-campus student accommodation at Purdue University in West Lafayette, Indiana.

Purdue Research Foundation, which is acquiring the entire property, is acquiring Balfour Beatty’s full 67% interest. The transaction, which is subject to contractual conditions, is expected to complete in August. The consideration for the Property is $150 million, which is payable at completion.

The disposal proceeds will first be applied to repay the debt outstanding against the Property and transaction fees, with the remainder distributed to Balfour Beatty and co-investors. Balfour Beatty’s share of the net proceeds is $62.4 million and will be used for general corporate purposes. The sale will generate a profit on disposal for Balfour Beatty of $47.2 million.

The disposal proceeds are in excess of the Balfour Beatty Directors’ valuation as of 31 December 2021, consistent with Balfour Beatty’s strategy of optimising value through the disposal of operational assets, whilst continuing to invest in new asset opportunities.