Laing has sold its 50 per cent stake in four PFI projects to Allianz PFI Holdings - a subsidiary of insurance giant Allianz AG - for £26.7 million.
Laing will use the money to expand the number of projects in its portfolio of PFI and PPP project developments.
The PFI investment company sold Allianz a 50 per cent share in the Gravesend Firearms Training Centre, South East London Police Stations and Greater Manchester Police Stations project and is waiting to agree the sale of the Durham & Cleveland Firearms Training Centre.
Allianz will initially pay £23.1 million with a deferred consideration of £3.6 million. Laing will get the extra cash if the three projects are refinanced within 18 months and clearance is given on the fourth project within 9 months of the date of sale.
Allianz is placing all its newly acquired PFI investments into an infrastructure
investment vehicle, which will be serviced by Laing Capital Management, a wholly
owned subsidiary of John Laing. Shares in John Laing jumped 17 per cent to a four year high last week after it said it had received a takeover approach for the company by an unnamed bidder.
Shares rose over 50p to 344.5p valuing the company at £800 million - the highest price since mid 2001 when the company agreed to sell its construction arm to Ray O'Rourke.
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