The transformation of infrastructure group Balfour Beatty moved forward again yesterday, as the company announced the sale of its 50 per cent interest in the Royal Infirmary of Edinburgh public-private partnership for £72m.
Balfour’s investment is being bought by funds managed by specialist fund manager Equitix, and the sale is expected to complete in June.
The infrastructure group previously sold a 23.9 per cent interest in the Scottish contract in 2010.
Balfour boss Leo Quinn said: “This transaction again underlines the quality of the investments portfolio and its ability to generate value for shareholders.”
Quinn said the sale also demonstrates the company’s commitment to “maintaining a strong balance sheet through self-help” as it continues with the first phase of its Build to Last transformation programme.
Quinn introduced the turnaround plan shortly after joining the previously troubled firm in January.
Shares in Balfour were down by 2.05 per cent yesterday.