Balfour Beatty ups value of PPP portfolio after review
LONDON Aug 27 (Reuters) - British building group Balfour Beatty said the value of its public-private partnership portfolio had increased by 46 percent to 1.05 billion pounds ($1.74 billion) following a review.
The company, fresh from snubbing a merger proposal from rival construction firm Carillion last week which it said undervalued it, said the review was based on a new valuation methodology reflecting amongst other things improved cash flow and macro-economic assumptions.
Public-private partnerships are infrastructure ventures which are funded by a partnership of government and company funds.
Balfour Beatty is involved in a total of 37 such projects in Britain and 26 in North America including building roads, hospitals, schools and military housing.
The valuation increase announced on Wednesday was driven by a 63 percent rise in its UK portfolio to 801 million pounds. ($1 = 0.6039 British Pounds) (Reporting by Sarah Young; editing by Kate Holton)
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