West Midlands developer Dukehill has purchased Carillion's shareholdings in Ask Real Estate Limited and Ask Carillion Developments for £13.8 million.

The deal will see Dukehill acquire a 66.7% stake in Ask Real Estate as well as a 50% interest in Ask Carillion Developments.

Ask Real Estate Managing Director, John Hughes and Finance Director, Jonathan Cross, who together own 33.33% of AREL, will retain their executive positions.

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AREL and ACD (through their wholly owned subsidiaries and other associated entities) carry out commercial property development activities, together with various partners, in the North of the UK, including Manchester, Liverpool and Leeds.

Carillion is aiming to raise around £300m through selling its assets after business review uncovered a £845m black hole in its finances.

Keith Cochrane, Interim Chief Executive, said: "We are pleased to be able to announce further progress. Much remains to be done, and we are continuing to execute our plans to refocus the business, reduce cost and strengthen our balance sheet."

(LM)