Balfour Beatty buys into 50-year Texan housing project

Balfour Beatty has paid $142m for a 50-year US military housing privatisation project in San Antonio, Texas.

The company will take over property management of Phase I, 420 housing units completed in 2000, and design, construct and manage an additional 363 family housing units over a five-year period at Lackland Air Force Base.

Balfour Beatty chief executive Ian Tyler said the purchase confirmed Balfour's “leading position in the US Public Private Partnership military accommodation market.

“We are excited about this opportunity to increase our portfolio and to continue to generate operational growth,” he added.

Balfour Beauty have now partnered with the US Army for 11 family housing privatisation projects.