| Balfour Beatty win West Point contract |
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| Wednesday, 06 August 2008 | |
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Balfour Beatty has finalised agreements with the US Department of the Army to be the private sector partner for the West Point Military Housing Privatisation Project.
The Project has a 50-year term, commencing with an eight-year Initial Development Period (IDP) with project costs of approximately $206 million that includes the design, construction and/or renovation of, and overall management, maintenance and operational responsibilities for an estimated 824 end-state units. This includes the restoration of 416 historic homes. West Point is the Army's oldest continuously occupied military post in the United States, dating back to 1778. Construction and renovation will be undertaken by Balfour Beatty Construction US, which is executing all of Balfour Beatty Community's construction work in a programme which extends to 2016. Commenting on the award today, Balfour Beatty chief executive Ian Tyler said: "Reaching financial close on this concession, following on from our recent success in the $410 million AMC West US Air Force project, provides further confirmation of our leading position in the US military accommodation market." |