Support services group Laing has moved further from the housing sector with the sale of its minority interest in US firm WL Homes for £25.7m.
WL Homes is the second of Laing
's housing interests to be sold in the past few months. In May the management team of Beechcroft, its retirement homes subsidiary, bought out the business for £34.1m. Laing intends to focus on infrastructure investments and operations business.
The company said that the WL Homes sale is likely to show up as a small loss, compared with its book value, depending on the exchange rate and its trading performance in the first six months of the financial year.
WL Homes had net assets of £27.5m and made a £5.9m pre-tax profit last year.
Laing's remaining housing interest is made up of John Laing Partnership and a 30% stake in Octagon Developments.