Balfour Beatty has announced the completion of the sale of its 50% stake in Fife Hospital for a cash consideration of GBP43 million (US$56.5 million), which is in excess of the Directors’ valuation as at 30 June 2018. The expected profit on disposal on this transaction is GBP22 million (US$28.9 million).
The 50% stake in Fife Hospital has been acquired by Semperian PPP Investment Partners. The consideration has been paid in cash in full and will be used to pay down borrowings in 2018.
The transaction is consistent with the Group’s stated strategy of optimising value through the disposal of operational assets, whilst also continuing to invest in new opportunities.
Balfour Beatty was awarded a 30-year concession contract to construct a new wing at the Victoria Hospital in Kirkcaldy, Fife, located in eastern Scotland, in 2007, as part of the Consort Group. The consortium delivered 11 operating theatres, an emergency care centre, 13 general wards, surgical and medical assessment units, a maternity unit, a women and children’s unit, day intervention, critical care, coronary care and renal and dialysis facilities.