Kier acquires stake in Norfolk and Suffolk Police PFI

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Kier acquires stake in Norfolk and Suffolk Police PFI

Kier Project Investments, a wholly-owned subsidiary of Kier Group plc, has purchased a 42.5% stake in the share capital and subordinated debt of Justice Support Services, the project company for the Norfolk and Suffolk Police Investigations Centers PFI from Uberior Infrastructure Investments.

The transaction values was £4 million (US$6.6 million). The deal increases Kier's shareholding in Justice Support Services to 100%.

Justice Support Services, and its wholly-owned subsidiary, Justice Support Services (Norfolk and Suffolk) Limited, were incorporated to carry out the Norfolk and Suffolk Police Investigation Centres PFI Project under a Project Agreement signed 23 February 2010 with the Police and Crime Commissioners of Norfolk and Suffolk.

The Norfolk and Suffolk Police Authorities for the Two Counties Police Investigation Centres Project represented one  of the largest PFI projects within the police sector. The project consisted of building six new police investigation facilities across  two counties. Centres were located at Wymondham, Aylsham, Great Yarmouth, Ipswich, Bury St Edmunds and King's Lynn.

As at 31 December 2013, the consolidated gross assets of Justice Support Services totalled £73 million. In the year ended 31 December 2013, Justice Support Services made no profit or loss and Justice Support Services (Norfolk and Suffolk) Limited made a loss before tax of £94,000.

Kier Group plc is a construction, services and property group active in building and civil engineering, support services, public and private house building, land development and the Private Finance Initiative (PFI). It is a constituent of the Uk FTSE 250 Index. It is the fourth-largest UK construction contractor.

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