Balfour Beatty has rejected a 拢1bn (鈧�1.27bn) offer for its portfolio of UK public-private partnership (PPP) assets from John Laing Infrastructure Fund (JLIM).
The UK construction company valued the portfolio at 拢1.05bn in the summer, but it said JLIM鈥檚 bid 鈥渇alls significantly short鈥� of the level of profit it could generate by selling projects individually.
Balfour Beatty will publish an updated valuation in January, taking into account existing assets and projects in the pipeline.
Earlier this week, share prices in Balfour Beatty jumped ahead of anticipation that John Laing鈥檚 global fund would buy the portfolio of hospitals, roads and schools. The news follows several years of profit warnings, takeover attempts and the appointment of a new CEO.
Traded on the London stock exchange, JLIM manages a global portfolio that was valued this year at 拢810m, with 54 underlying assets.
The fund was listed in 2010, raising 拢270m and acquiring 19 assets from John Laing Group.
