Carillion sells Allenby Connaught stake
Carillion has sold a 5 per cent stake of its equity investment in the Allenby Connaught project for £14.5m. Innisfree has bought the stake, one year after buying 65 per cent of Carillion's 50 per cent stake.
Carillion now has a 12.5 per cent stake in the public private partnership.
The company said the disposal was in line with policy to sell stakes in mature projects that have moved into the operational phase, then re-investing the proceeds into new projects.
Allenby Connaught is a Defence Estates initiative designed to improve the living conditions for 18,700 soldiers – almost 20 per cent of the British Army.
The scheme comprised an eight-year construction programme worth £1.4bn building or refurbishing 550 buildings and demolishing 487. However, the full through-life support for the contract values it at a total of £8bn.
Carillion and KBR formed a joint venture named Aspire Defence Limited, which was awarded the contract in April 2006.
