John Laing, the UK-based developer, infrastructure investor and asset manager, has agreed to sell its project management services business for an undisclosed amount to HCP Management Services, a company specialising in the delivery of project management services to the UK PPP industry.
Part of the sale, which is expected to close before year-end, includes the transfer of about 90 staff roles and 62 management services agreements to HCP.
John Laing is selling its project management business in an effort to focus on greenfield projects, the firm noted in a statement.
“Whereas John Laing’s PMS activities are mainly provided under MSAs to UK projects which are operating, and in which John Laing, John Laing Infrastructure Fund and John Laing Environmental Assets Group are investors, the Group’s future investment pipeline is focused on greenfield opportunities,” the company said.
The average period remaining before the management services agreements being transferred are due for renewal is between four and five years.
“The transaction is consistent with our strategy of focusing on our core business of investment in and active management of greenfield infrastructure assets across our main markets of Europe (including the UK), Asia Pacific and North America,” John Laing’s chief executive Olivier Brousse said.