Under the deal to release Kier from all debts payable to Lloyds, the firm will make an initial £35m payment in cash.
A further £30m cash will be paid to the bank in October 2012 and the final £26m payment released a year later.
- two prime office buildings in Cavendish Place and Savile Row in central London
- a mixture of commercial and residential land in Frimley, Swindon, Southampton, Heathrow, Uxbridge and Ashford
- a retail development in Chichester which is currently expected to have been sold by 30 June 2011
- two industrial units in Weybridge, which are expected to be sold shortly, and a further industrial unit in Romford
Property assets
Kier plans to develop and sell on the assets, and so has re-valued the property, which made a £2.7m pre-tax loss last year. The buyout will not change its overall cash position.
Chief executive, Paul Sheffield, said: “We would like to thank Lloyds Banking Group for its involvement in the joint venture over the last nine years.
“We are delighted to conclude this transaction, which will offer exciting development opportunities and create significant value for the whole Group over the next few years.”
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