Balfour Beatty reaches financial close of military project

Balfour Beatty, the FTSE 250 infrastructure group, has announced that Balfour Beatty Communities, a division of its US PPP concession arm, has reached financial close on a 362m dollar (230m pounds) military homes project for the US Department of the Air Force.

Overall management and maintenance of the 50-year project, known as the Western Group Housing Privatisation Project, will be met by Balfour Beatty Communities. In addition, Balfour Beatty Capital, its infrastructure investment arm, has made an equity investment of around $16.3m (£10.3m) in the project. Balfour Beatty Construction US will be responsible for the new construction elements of the project.

Balfour's Chief Executive, Ian Tyler, said: "We are delighted that this project has reached financial close, extending our long relationship with the US Air Force. It is particularly pleasing to see many of the component parts of our Group in the US coming together to deliver this important project."

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Balfour Beatty Communities, including the Western Group Housing Privatisation Project, currently manages and operates 19 military housing privatisation projects at 48 military communities in 26 US states and Washington D.C.

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