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6 Aug 2012 07:00
INTERSERVE COMPLETES UCLH PFI ASSET TRANSACTION
On 3 August Interserve, the international support services and construction group, completed the series of actions described in its 21 June announcement concerning the agreement to sell part of its holding in the University College London Hospitals (UCLH) PFI project to CFIG Unicorn Holdings SPV, LLC.
The three-step transaction consisted of:
* Interserve sold half of its previous 33 per cent holding in the project to the CFIG Fund; * Interserve exercised its pre-emption rights in relation to 80 per cent of Balfour Beatty's 33 per cent holding, the funding for which was provided by Interserve and the CFIG Fund in equal proportions; * The CFIG Fund has now exercised the option granted by Interserve to purchase Interserve's share of this pre-empted stake.
The transaction has generated £35 million in cash for Interserve, which retains ownership of 16.7 per cent of the UCLH PFI project. The sale implies a discount rate of under 6 per cent and will have a non-recurring 2012 profit impact of £ 30 million. Profit attributable in 2011 to the assets sold, which have a gross value of £3.0 million, was £2.0 million.
- Ends -
For further information please contact:
Giles Scott 0118 960 2307
Head of Corporate Communications
About Interserve
Interserve's vision is to be the Trusted Partner of all our stakeholders. We are one of the world's foremost support services and construction companies, operating in the public and private sectors in the UK and internationally. We offer advice, design, construction, equipment and facilities management services for society's infrastructure. Interserve is based in the UK and is listed in the FTSE 250 index. We have gross revenue of £2.3 billion and a workforce of over 50,000 people worldwide. Website: www.interserve.com.
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