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.
- 1 Nokia no more: Microsoft drops once-ubiquitous mobile name in favour of its Lumia brand
- 2 Renee Zellweger on plastic surgery reports: 'I'm living a fulfilling life and I'm thrilled that perhaps it shows'
- 3 Banksy not arrested: Internet duped by fake report claiming artist's identity revealed
- 4 Australian café owner sparks debate after saying 'No' to having unruly children on premises
- 5 Couple die within 28 hours of each other after being married for 73 years
Ottawa shooting: Canadian soldier dies after being shot at National War Memorial – with one gunman killed inside parliament
Renee Zellweger on plastic surgery reports: 'I'm living a fulfilling life and I'm thrilled that perhaps it shows'
Isis releases first video showing stoning of woman accused of committing adultery as her father shouts 'don't call me Dad'
Banksy not arrested: Internet duped by fake report claiming artist's identity revealed
Diwali 2014: What is the festival of lights and how is it celebrated?
Cameron is warned 'no possibility' of UK reducing immigration and that bid to bring in quota on migrant workers would be illegal
Of course, teenage girls need role models – but not like beauty vlogger Zoella
Residents should throw a street party and mix with immigrant neighbours, councils told
Russell Brand threatened with arrest after filming outside Fox News headquarters
Support for EU membership 'at highest level since 1991 with most Brits wanting to stay in'
London bus driver 'kicks gay couple off for kissing'
iJobs Money & Business
£24000 - £28000 per annum + bonus & benefits: Ashdown Group: IT Business Syste...
£18000 - £23000 per annum + Commission: SThree: The SThree group is a world le...
£18000 - £23000 per annum + Comission: SThree: The SThree group is a world lea...
£20000 - £25000 per annum + OTE £Competitive: SThree: SThree Group and have be...