Kvaerner Construction has sold its corporate development arm to Australian bank Macquarie, as predicted in Building (7 May, page 9).Kvaerner Construction has won £127m worth of major contracts in London and Hong Kong, including a seven-storey office block for British Land at Regents Place.
Infrastructure Trust of Australia, which is managed by Macquarie, announced on Monday that it was buying Kvaerner Investment and Kvaerner Corporate Development for £90m.
ITA will take control of seven of the subsidiaries' private finance initiative projects, with Sydney-based shell company Pacific Energy taking the remaining 17.
Pacific Energy is chaired by John Fletcher, who is retiring as director in charge of engineering and construction at Kvaerner at the end of this year.
Kvaerner announced in March that it would be selling its non-core businesses. The company's HQ also moved from three offices in the West End of London to a single property in Hammersmith last week as a further cost-cutting measure.
