The purchasers now own 100% of these two schools PFI projects.
Kier said that the sales were in line with its policy of聽selectively realising the value of the equity in its PFI portfolio.聽
Kier聽built聽the schools and聽has also provided facilities management services聽for a number of years.聽 Following the disposals, Kier will continue to provide the facilities services under the current contracts for a further聽21 years in the case of聽the Norwich schools, and聽22 years in the case of聽the Oldham schools.聽
Kier makes a profit of 拢4.3m on the deal, to be included in its annual results for the聽year ending 30 June 2011.
HICL and Kajima has also paid 拢8m to Dexia Credit Local for a 50% interest in the Sheffield Schools PFI Project. The acquisition takes the number of infrastructure investments in the group's portfolio to 40.
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