Balfour Beatty has won a $470m contract to construct and manage new homes for the American military in a deal announced by the United States Air Force.
During the 50 year project, Balfour will build and manage 4,761 houses across six Air Force bases.
The contract, worth £293.4m, increases the infrastructure specialist's military housing footprint to 53 military installations in 25 states and Washington DC.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Balfour Beatty Construction US will build the new houses at bases in North Dakota, South Dakota, Idaho and New Mexico by 2018, with the ongoing maintenance of the properties managed by Balfour Beatty Communities.
Balfour Beatty Chief Executive, Ian Tyler, said: "Balfour Beatty Communities continues to lead in the US PPP [public/private partnership] military accommodation market with a high quality portfolio of ongoing concessions."
The share price rose 1.12% to 244p by 09:14.
NR
-
Trouble brews in B&M as bargain shops take a hitOpinion Once a stock market darling, B&M's share price has slumped. What has gone wrong for bargain shops?
-
US and China reach a ceasefire in their trade war after talks in LondonThe US and China's trading relationship – the most important one in the global economy – is back on track. Will the truce last?
