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13/02/2008
Balfour Buys GMH's Military Accommodation Business
Balfour Beatty announced yesterday that it has agreed to buy the military accommodation business of GMH Communities Trust for $350 million.
GMH is responsible for the development, renovation, financing, operation and management of military accommodation projects for the US Department of the Army, US Department of the Navy and US Department of the Air Force.
To date, it has been awarded 15 military accommodation projects (three of which are at preferred bidder stage) and provides development and property management services for these projects. It is based in Philadelphia and employs approximately 800 people, 750 of whom are in on-base support service roles.
Speaking about the deal, Balfour Beatty plc Chief Executive, Ian Tyler, said: "The acquisition of GMH's military accommodation business is central to implementing our US strategy of building a high-quality, domestic US business similar to our very successful UK model.
"GMH will be an excellent springboard into other emerging PPP and support service sectors in the US market, will immediately enhance earnings and generate significant value for our shareholders."
GMH is already a well-known partner to Balfour Beatty. Balfour Beatty Construction LLC, acquired in March 2007, is the principal supplier to GMH’s Military Housing Division, taking responsibility for the construction of new housing stock.
(VB/JM)
GMH is responsible for the development, renovation, financing, operation and management of military accommodation projects for the US Department of the Army, US Department of the Navy and US Department of the Air Force.
To date, it has been awarded 15 military accommodation projects (three of which are at preferred bidder stage) and provides development and property management services for these projects. It is based in Philadelphia and employs approximately 800 people, 750 of whom are in on-base support service roles.
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Speaking about the deal, Balfour Beatty plc Chief Executive, Ian Tyler, said: "The acquisition of GMH's military accommodation business is central to implementing our US strategy of building a high-quality, domestic US business similar to our very successful UK model.
"GMH will be an excellent springboard into other emerging PPP and support service sectors in the US market, will immediately enhance earnings and generate significant value for our shareholders."
GMH is already a well-known partner to Balfour Beatty. Balfour Beatty Construction LLC, acquired in March 2007, is the principal supplier to GMH’s Military Housing Division, taking responsibility for the construction of new housing stock.
(VB/JM)
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