Balfour Beatty has announced the sale of its 67% interest in Aspire at Discovery Park to Purdue Research Foundation.
Discovery Park is an on-campus student accommodation at Purdue University in West Lafayette, Indiana with two buildings and approximately 1300 beds.
Purdue Research Foundation will acquire the entire property, including Balfour Beatty’s full 67% interest. The transaction, which is subject to contractual conditions, is expected to complete in August. The consideration for the Property is US$150 million, payable at completion. Balfour Beatty’s share of the net proceeds is US$62.4 million.