Morgan Sindall yesterday sold off an £8.4m interest in the Miles Platting PFI social housing scheme, worth an estimated £320m.
The PFI contract was signed in 2007 between Manchester City Council and the Renaissance Consortium – consisting of Lovell, investment body IIC, and housing association Adactus.
It involves the investment of £160m of public money, with a similar amount coming from the private3 sector.
It was set up to remodel the 107 hectare estate, improve 1,500 council properties, and build 1,000 new homes for sale and rent in the area.
Morgan Sindall said the sale was “in line with its strategy of recycling investments”.
The £8.4m is 38 per cent in excess of the directors’ valuation, resulting in a net profit of £4.4m.
The disposal will be included in the half-year results to 30 June 2013.