Balfour Beatty cashing in hospital stake
Balfour Beatty, Britain's biggest quoted construction company, is poised to sell its stake in one of the country's best-known private finance initiatives for about £70m.
It is understood that HICL, a listed infrastructure fund, has been chosen as the preferred bidder for Balfour's one-third share in University College Hospital in London. Hicl was vying with Barclays Infrastructure Funds for the deal.
The hospital became a symbol for critics of PFI, private-sector investment in public-sector schemes, when costs rose from £120m to £430m seven years ago. The project was to redevelop the hospital which was built in 1834.
With construction finished and the hospital operating, Balfour is cashing in its stake in the project.
Balfour is in the process of restructuring its UK business, which employs 12,000, and recently said it was looking for additional cost savings of £50m a year to 2015. The group has a programme in place to cut £30m of costs a year.
- 2 The man who filmed the Freddie Gray video has been arrested at gunpoint
- 3 How the language you speak changes your view of the world
- 4 The top 50 cities for young people to live in
General Election 2015: Fishing is on Nigel Farage's mind as he casts a line to the disaffected of Grimsby
Oxygen-starved 'dead zones' with no marine life up to 100-miles long discovered in the Atlantic Ocean
The man who filmed the Freddie Gray video has been arrested at gunpoint
Indonesia executions: Death row British grandmother Lindsay Sandiford will refuse to wear a blindfold when she faces firing squad
Russian warships accused of 'chasing away' Swedish vessel to prevent Baltic States from achieving energy independence
Over 50,000 families shipped out of London boroughs in the past three years due to welfare cuts and soaring rents
EU asylum policy is 'a direct threat to our civilisation', says Nigel Farage
The Rothschild Libel: Why has it taken 200 years for an anti-Semitic slur that emerged from the Battle of Waterloo to be dismissed?
General Election 2015: SNP and its activists 'openly racist' towards the English, Farage says
General Election 2015: UK will be 'run for the wealthy and powerful' if Tories retain power, Labour warns
Schools forced to act as 'miniature welfare states' with teachers buying underwear and even haircuts for poor pupils
iJobs Money & Business
£16000 - £18500 per annum: Recruitment Genius: This is an excellent opportunit...
£24000 - £28000 per annum: Recruitment Genius: A Senior SEO Executive is requi...
£16000 - £18000 per annum: Recruitment Genius: An Online customer Service Admi...
£18000 - £22000 per annum: Recruitment Genius: This global, industry leading, ...