Balfour Beatty exits hospital PFI

Balfour Beatty has sold its 50% stake in Blackburn Hospital public-private partnership, the construction giant said in an interim management statement on Thursday.

The hospital was valued at around £100m although Balfours did not disclose the purchase price or purchaser. No one was immediately available for comment when contacted.

The 480,000 sq ft hospital consolidated services which were previously split between two hospitals into one site at the Queens Park Hospital. The Royal Infirmary buildings in Blackburn were vacated after being deemed unsuitable for modern health services.

The hospital was built by Balfour Haden Joint Venture, a partnership between Balfour Beatty Construction and Haden Young, on behalf of Consort HealthCare, the Trust's PFI Partners. Balfours said it achieved proceeds above directors' valuation.

The group saw a reduction in its UK construction order book during the period from 2 July to 9 November 2011.

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