Morgan Sindall exits housing PFI
28 June 2013 08:21
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Morgan Sindall has sold its interest in the Miles Platting private finance initiative social housing scheme in Manchester for £8.4m to an undisclosed buyer.
The deal was 38% above the directors' valuation for the asset, resulting in a net profit of £4.4m.
The PFI involved Morgan Sindall subsidiary Lovell building 1,000 new homes and refurbishing 1,500 homes for Manchester City Council in the past five years.
