Balfour Beatty has announced that Balfour Beatty Communities, a division of its US PPP concession arm, has reached financial close on a $362m (£230m) project to design, build and renovate 3,268 military homes at four bases in California, Wyoming, Montana and Missouri for the US Department of the Air Force.
Overall management and maintenance of the 50 year project, known as the Western Group Housing Privatisation Project, will be met by Balfour Beatty Communities. In addition, Balfour Beatty Capital, the infrastructure investment arm of Balfour Beatty Capital Group, has made an equity investment of approximately $16.3 (£10.3)m in the project. Balfour Beatty Construction US will be responsible for the new construction elements of the project.
Balfour Beatty chief executive, Ian Tyler, said: “We are delighted that this project has reached financial close, extending our long relationship with the US Air Force. It is particularly pleasing to see many of the component parts of our group in the US coming together to deliver this important project.”
Balfour Beatty Communities, including the Western Group Housing Privatisation Project, currently manages and operates 19 military housing privatisation projects at 48 military communities in 26 US states and Washington D.C.