Balfour Beatty sells street lighting PFIs to Equitix
Balfour Beatty, the international infrastructure group, has announced the partial sale of its interests in five Street Lighting PFI projects to funds managed by Equitix.
The sale is for a cash consideration of £33 million (US$40 million) which will be retained within Balfour Beatty.
The proceeds from the transaction are in excess of the Directors' valuation. Balfour Beatty may receive further cash consideration when the latest results of a number of the projects are determined.
The portfolio comprises five Street Lighting PFI projects with local councils in Sunderland, South Tyneside, Coventry, Cambridgeshire and Northamptonshire. The total construction value on the projects was approximately £250 million.
The projects achieved financial close between 2003 and 2011 and are all of 25 years duration. This includes an initial five year construction period where the existing street lighting infrastructure was replaced and upgraded. This work was undertaken by Balfour Beatty who will also maintain the street lights under its 25 year installation and maintenance subcontracts.
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