Balfour Beatty raises £20m sale of stake in Canadian hospital project
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Balfour Beatty chief executive Leo Quinn
Balfour Beatty restarted its investment asset disposals with the sale of its 70% interest in a hospital redevelopment project in Canada.
The disposal of the BC Children’s & BC Women’s Hospital Redevelopment Project Phase 2 – Teck Acute Care Centre, located in Vancouver, raised around £20 million, in excess of the Directors’ valuation as at 31 December 2020.
The pre-tax profit on disposal is £7m 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.
Balfour Beatty said it expects to dispose of further assets in the second half of the year.
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