SYDNEY, June 16 Australian engineering services
company UGL Ltd confirmed the cash sale of its property
arm to a consortium of TPG Capital Management, PAG Asia
Capital and Ontario Teachers' Pension Plan for A$1.215 billion
Sydney-based UGL put global real estate services company DTZ
up for sale a year ago to cut debt as its main engineering
services division faces declining revenues due to a slowdown in
the Australian mining sector.
The vendor will net A$1 billion to A$1.05 billion after sale
costs and is considering "a range of options for the efficient
use of net proceeds", UGL said in a statement to the Australian
Securities Exchange on Monday.
UGL shares fell in a flat overall market and were trading
down 0.43 percent at A$6.91 at 0115 GMT.
($1 = 1.0639 Australian Dollars)
(Reporting by Byron Kaye; Editing by Ryan Woo)