Balfour Beatty, the international engineering, construction, investment and services group, has announced the completion of its acquisition of the military PPP accommodation business from GMH Communities Trust, a US real estate investment trust, for a cash consideration of $350.5 million.

The acquisition, which was first announced on 12 February, secures a reliable, long-term profit and cash flow from a high-quality portfolio of PPP concessions in the US and adds an experienced and successful management team to develop Balfour Beatty's presence in the growing US PPP market.

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Commenting on the acquisition, Balfour Beatty 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.

"It adds a major, high-quality PPP business to our US group in one of our key target market sectors. 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."

(CD/JM)