Construction and engineering giant Kier has sold its interests in two private finance initiative (PFI) projects, Bournemouth Library and Greenwich Neighbourhood Resource Centres.
Kier announced on Thursday morning that it had completed the sale of its 50% stake in the two projects for a total £5.4m in cash.
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
"Both of these projects are good examples of Kier providing a comprehensive and fully-integrated service to clients, with both our construction and facilities management businesses working well together," said Kier's Chief Executive Paul Sheffield.
"The sales continue our strategy of selectively realising the value of our PFI portfolio for subsequent re-investment in the group."
The sale price of both projects represents an average valuation discount rate on the base case cash flows of around 7%.
-
DIY pension investors take tax-free cash amid switch to ISAsSelf-invested personal pension (SIPP) investors are rushing to withdraw their tax-free cash and turning to ISAs amid fears of a pension tax raid in the Autumn Budget
-
12 ways pensions could be reformed in Budget – including an alternative to charging IHTPension savers could face new rules after the Budget if chancellor Rachel Reeves targets their pots to fill her own fiscal black hole – what potential pension changes could be on the way?
