By continuing to browse the site you are agreeing to our use of cookies. Find out more Share price At 15:25 175.30 p Go About us Capabilities & markets Showcase Investors News & views Sustainability Careers Global directory News & views News Videos Images Results, reports & presentations Publications Blog Media contacts News releases RNS Balfour Beatty announces disposal of PPP asset and three new projects 2 October, 2014 Balfour Beatty, the international infrastructure group, announces the disposal of its 50% interest in the Pinderfields and Pontefract Hospital PPP project (“Pinderfields”), in West Yorkshire, UK. In addition, Balfour Beatty has reached financial close on a multi-family housing project in the US and been appointed preferred bidder for two student accommodation projects in the US and Australia. Pinderfields is being acquired by the current co-shareholder, a subsidiary of HICL Infrastructure Company Limited, the listed infrastructure investment company advised by InfraRed Capital Partners. The consideration of £61.5 million exceeded management’s expectations, generating a gain on disposal of £42.2 million. The proceeds exceed the revised Directors’ Valuation by £13.5 million, representing an uplift of 28%. In August 2014 Balfour Beatty published a review of the Directors’ Valuation of the PPP portfolio, which resulted in the UK portfolio valuation increasing by 63% to £801 million, and the total portfolio increasing in value by 46% to £1,051 million, as at June 2014. As part of Balfour Beatty’s strategy to recycle equity invested in its portfolio, the Group also announces that it has reached financial close on Carmendy Square, a multi-family housing community in Florida, USA, and has also been appointed preferred bidder on two new student accommodation projects, one for The University of Texas at Dallas and one for University of Wollongong in Australia. Balfour Beatty expects to invest approximately £20 million of equity in these projects over the next three years. Carmendy Square is Balfour Beatty Investment’s first investment into a multi-family housing project in the US. The Dallas project is the third student accommodation success in the US in 2014, whilst the Wollongong project is its first project in Australia, leveraging market expertise from the UK and US. Ian Rylatt, CEO of Balfour Beatty Investments, said: "This disposal supports the substantial increase in the Directors’ Valuation of the PPP portfolio, whilst also demonstrating that the valuation maintains a level of prudence. We continue to see a strong pipeline of opportunities and therefore, in line with our strategy of recycling equity, the proceeds will be invested in new projects as we continue to diversify our business.” Analyst/investor enquiries: Anoop Kang Balfour Beatty plc Tel. +44 (0)20 7216 6913 anoop.kang@balfourbeatty.com Media enquiries: Dominic Cheetham Balfour Beatty plc Tel. +44 (0)20 7963 4235 dominic.cheetham@balfourbeatty.com Notes to editors: Balfour Beatty (www.balfourbeatty.com) is an international infrastructure group that delivers world class services essential to the development, creation and care of infrastructure assets; from finance and development, through design and project management to construction and maintenance. Our businesses draw on more than 100 years of experience to deliver the highest levels of quality, safety and technical expertise to our clients principally in the UK and the USA, with developing businesses in Australia, Canada, the Middle East, South Africa and South East Asia. With proven expertise in delivering infrastructure critical to support communities and society today and in the future, our key market sectors focus on infrastructure - transportation (roads, rail and aviation), power and energy, water, and complex buildings (both commercial and social). Balfour Beatty employs 40,000 people around the world. Share this page Content feeds Email updates Job alerts Search Site index Help Accessibility Privacy Cookies Legal Balfour Beatty plc is registered in England as a public limited company Registered No: 395826 Registered Office: 130 Wilton Road, London, SW1V 1LQ Find a contact © 2014 Balfour Beatty plc. Mobile site Live share price and news on your mobile Launch mobile site Connect with us