Firm cashes in on infrastructure management business
Balfour Beatty has sold its infrastructure management business for £48m to investor Wafra.
The firm has sold its Balfour Beatty Infrastructure Partners (BBIP) arm to Wafra Investment Advisory Group.
Balfour Beatty retains the right to receive further cash, depending on further fundraising by BBIP after the sale.
BBIP was set up in November 2010 as an independently managed infrastructure management business run at arm’s length to Balfour Beatty’s Investments portfolio.
Leo Quinn, chief executive of Balfour Beatty said: “Our exit from BBIP and sale of the Fund interest further simplifies the Group and maintains our existing balance sheet strength.
“Exiting the infrastructure fund management market will allow our core infrastructure investments business to focus entirely on its highly successful primary investments portfolio which also offers further downstream opportunities for the Balfour Beatty Group”.