Kier makes £6.8m in PFI sales

16th Dec 2011 08:43

Kier Group, the construction and building services firm has sold two of its Public Finance Initiative projects at a profit of £6.8m.At the end of November Kier sold its investment in West Berkshire Hospital to the Innisfree PFI Continuation Fund for £5.0m. Yesterday it raised £3.1m by selling its stake in the Hinchingbrook Hospital to its own pension scheme for £3.1m.Kier says in combination the proceeds "represent a valuation discount rate on the base case cash flows of approximately 7 per cent."Kier shares were up 1.14% in morning trading, over the year to date they are down 2.7%.BS.