Interserve has completed the sale of part of its holding in the University College London Hospitals (UCLH) PFI project to CFIG Unicorn Holdings SPV, LLC.
In a complex three-step transaction, Interserve firstly sold half of its previous 33% holding in the project to the CFIG Fund.
It then exercised its pre-emption rights in relation to 80% of Balfour Beatty’s 33% holding, the funding for which was provided by Interserve and the CFIG Fund in equal proportions.
Now the CFIG Fund has exercised the option granted by Interserve to purchase Interserve’s share of this pre-empted stake.
The transactions have generated £35m in cash for Interserve, which retains ownership of 16.7% of the UCLH PFI project. The sale implies a discount rate of under 6% and a will have a non-recurring 2012 profit impact of £30m.
Profit attributable in 2011 to the assets sold, which have a gross value of £3.0m, was £2.0m.
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