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Balfour Beatty acquires US military PPP

Balfour Beatty has completed the acquisition of a military PPP accommodation business from a US real estate investment trust for £176 million.

The deal with GMH Communities Trust was first announced on 12 February and the new business will be operated as Balfour Beatty Communities.

Balfour Beatty chief executive Ian Tyler said: “'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.

“It adds a major, high-quality PPP business to our US group in one of our key target market sectors.”

The acquisition has been funded from Balfour Beatty's existing cash resources.