Date: Thursday 21 Jun 2012
Interserve, the international support services and construction group, is selling its main interest in the University College London Hospital private finance initiative (PFI).
It is to sell an investment vehicle it owns in the project to CFIG Unicorn Holdings in a complicated deal worth £35m. At the conclusion of the process Interserve will retain a 16.7% stake in the UCLH development.
Tim Haywood, Interserve's Group Finance Director explained: "Our approach is to dispose of assets once we have added most of the value possible in a given contract. We have taken the opportunity to do this with UCLH, which comes after several recent investments including in the South-West Acute Hospital in Enniskillen, Northern Ireland, and the West Yorkshire Police PFI."
Interserve shares had gained 2.1% by 8:57.
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