Balfour Beatty strikes $350 million deal for US military accommodation firm

Source: Construction Digital

Date :12/02/2008 09:09:15

Building giant Balfour Beatty today said that it has acquired GMH Communities Trust’s US military accommodation business for $350 million in cash.

GMHMH, a US real estate investment trust, develops, renovates, finances and runs military housing projects for the US army, navy and air force. To date, it has been awarded 15 military accommodation projects (three of which are at preferred bidder stage) and provides development and property management services for these projects.

“The acquisition of GMH’s military accommodation business is central to implementing our US strategy of building a high-quality, domestic US business similar to our very successful UK model,” said Ian Tyler, Chief Executive.

“It adds a major, high-quality PPP business to our US group in one of our key target market sectors. GMH will be an excellent springboard into other emerging PPP and support service sectors in the US market, will immediately enhance earnings and generate significant value for our shareholders.”

February 12, 2008