Kier Group, the construction and building services firm has sold two of its Public Finance Initiative projects at a profit of £6.8m.
At the end of November Kier sold its investment in West Berkshire Hospital to the Innisfree PFI Continuation Fund for £5.0m. Yesterday it raised £3.1m by selling its stake in the Hinchingbrook Hospital to its own pension scheme for £3.1m.
Kier says in combination the proceeds "represent a valuation discount rate on the base case cash flows of approximately 7 per cent."
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Kier shares were up 1.14% in morning trading, over the year to date they are down 2.7%.
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