Thu, 03 Jun 2021 | DIVISION SALE
Infrastructure group Balfour Beatty has announced that it has restarted its asset disposal programme with the sale of a £20 million project in Canada.
The group said it has sold its 70 per cent interest in the BC Children's & BC Women's Hospital Redevelopment Project Phase 2 – Teck Acute Care Centre in Vancouver, Canada for £20 million.
Balfour Beatty added that the pre-tax profit on the deal is £7 million, with the sale marking the first disposal from the group's £1.1 billion infrastructure investments asset portfolio since 2019.
The firm had previously attempted to sell its assets but it was forced to pause its programme of disposal as a result of the Covid-19 pandemic.
Following the sale, the company has revealed that it is now looking to sell further assets in the second half of the year in a bid to take advantage of a strong secondary market for infrastructure assets.
"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," Balfour said in a statement.
The news comes after Balfour Beatty revealed that its earnings-based businesses are on track to deliver underlying profit from operations of £172m for 2021. As a result, the business has accelerated its share buyback programme in recent weeks.
Chief executive Leo Quinn said: "The impact of the pandemic, coupled with political changes in the US and UK, have accelerated those governments' spending plans on infrastructure and sustainability as a means to stimulate economic recovery. Today, Balfour Beatty is very well positioned to capitalise on these changes to grow profitably in its chosen markets."
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