John Laing to sell project management business to HCP Management

(ShareCast News) - John Laing Group, a FTSE 250 British developer of housing, property and infrastructure, announced plans to sell its UK project management service business to HCP Management Services for an undisclosed sum to focus on greenfield investments.The sale to HCP, the specialist management service to public private partnerships, is expected to complete in the fourth quarter of 2016. About 90 staff roles and 62 management service agreements will transfer to HCP.The sale comes as John Laing Group looks to concentrate its future investments on greenfield opportunities as John Laing's project management services are mainly provided under management services agreements to UK projects, which John Laing, John Laing Infrastructure Fund and John Laing Environmental Assets Group are investors in.Chief executive Olivier Brousse said: "The transaction is consistent with our strategy of focusing on our core business of investment in and active management of greenfield infrastructure assets across our main markets of Europe (including the UK) Asia Pacific and North America."We look forward to an ongoing relationship with our project management service colleagues following the sale to HCP as they continue to provide high quality support to many of our projects."John Laing Group's shares were up 0.72% to 224.10p at 1120 BST.