Contractor sells its 50% stake in the Pinderfields and Pontefract Hospital to a co-investor

Balfour Beatty

Balfour Beatty has sold its 50% stake in a West Yorkshire hospital for 拢61.5m.

The firm has sold its stake in the Pinderfields and Pontefract Hospital public-private partnership (PPP)project to listed infrastructure company InfraRed Capital Partners, which is already an investor in the scheme.

The firm said the consideration of 拢61.5m 鈥渆xceeded management鈥檚 expectations鈥� and generated a gain of 拢42.2m. It said the valuation exceeded the directors鈥� valuation, recently revised upwards, by 拢13.5m.

In August the firm unveiled a revaluation of its total global investment portfolio to 拢1.1bn, an uplift of 46%.

Ian Rylatt, chief executive of Balfour Beatty Investments, said the disposal 鈥渟upported the substantial increase鈥� in the valuation of the PPP portfolio.

Balfour Beatty also announced that it had reached financial close on a housing scheme in Florida in the USA, called Carmendy Square. It also said it had been named as preferred bidder on two student accommodation projects in Texas and Australia.

The firm expected to invest 拢20m of equity into these three projects over the next three years.

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