(Alliance News) - On Thursday, Balfour Beatty PLC sold its stake in the second phase of the BC Hospital redevelopment project for GBP20 million.
London-based infrastructure company divested itself of its 70% stake in the BC Children's and BC Women's Hospital redevelopment in Vancouver, Canada. This is the first sale to be made from the company's GBP1.1 billion infrastructure portfolio since 2019.
The GBP20 million sale price exceeds the director's valuation of the project at the end of 2020. Balfour Beatty will make GBP7 million of pretax profit on the sale, beating the company's own goal of receiving at least two times as much cash from its ventures than the total originally invested.
"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," the company said.
Balfour Beatty shares were trading down 1.1% at 311.93 pence each in London on Thursday morning.
By Scarlett Butler; scarlettbutler@alliancenews.com
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Balfour Beatty (BBY)