Last checked at 3 Jun 2021 07:00
News Release
03 JUNE 2021
BALFOUR BEATTY RE-COMMENCES INVESTMENT ASSET DISPOSALS
Balfour Beatty, the international infrastructure group, today 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.
ENDS
Investor and analyst enquiries:
Angus Barry
Tel. +44 (0)7966 281635
angus.barry@balfourbeatty.com
Media enquiries to:
Antonia Walton
Tel. +44 (0)203 810 2345
antonia.walton@balfourbeatty.com
Notes to editors:
· Balfour Beatty (www.balfourbeatty.com) is a leading international infrastructure group with 26,000 employees driving the delivery of powerful new solutions, shaping thinking, creating skylines and inspiring a new generation of talent to be the change-makers of tomorrow.
· We finance, develop, build, maintain and operate the increasingly complex and critical infrastructure that supports national economies and deliver projects at the heart of local communities.
· Over the last 112 years we have created iconic buildings and infrastructure all over the world including: the £1.5 billion A14 improvement scheme - Britain's biggest road project; Hong Kong's HK$5.5 billion world-class harbour theatre project for the West Kowloon Cultural District Authority; and the 12.5 mile $429 million North Metro Commuter Rail line in Colorado, US.