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GMH Military Housing Becomes Balfour Beatty Communities
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NEWTON SQUARE, PA. -- GMH Military Housing, the former military housing division of GMH Communities Trust, announced Wednesday that it has been acquired by Balfour Beatty plc, a UK-based international engineering, construction, investment and services group, for an aggregate purchase price of $350.5 million.
GMH has been the private contractor for housing on Fort Stewart.
The military housing business will now be managed under the name Balfour Beatty Communities, and a news release from it said it will continue its focus on providing housing for members of the U.S. military and their families throughout the United States.
The executive management team, as well as existing corporate and project level military housing employees, will remain part of the new company.
Balfour currently maintains interests, primarily through joint ventures with the Department of Defense, in 12 military housing projects on 37 military bases (representing approximately 25,700 housing units) having an aggregate development value of approximately $3 billion, including one unaccompanied personnel housing project. In addition, the company is in negotiations for four additional projects on six military bases (representing approximately 6,000 housing units) that are expected to close during the second and third quarters of 2008.
Among other development projects within the U.S., Balfour is involved in building the 9/11 Memorial at the Pentagon and provides planning, engineering, design and design/build services for the U.S. Army Corps of Engineers and the VA for healthcare facilities in the U.S., Puerto Rico and Germany.
Other projects the Balfour Beatty Group have been involved with include the U.S. Capitol Visitor Center, multiple National Archives and Records Administration facilities, project management of border stations for the General Services Administration in Arizona and Washington, and project management for the GSA for several Federal Bureau of Investigation buildings.
Bruce Robinson, president and CEO of Balfour Beatty Communities said, "We are extremely excited to become part of the Balfour Beatty family of companies. We enter into this new phase of our business with tremendous momentum, as we are currently finalizing agreements for several new privatization projects.
Also commenting on deal, Balfour chief executive Ian Tyler said, "Balfour Beatty Communities will be central to implementing our U.S. strategy of building a high-quality, domestic U.S. business similar to our very successful UK model...
"The military accommodation market is firmly established and is based on strong, long-term relationships between service providers and the U.S. military. We attach great importance to the skills and experience of the management team, who will play a key role in the further development of the business."
Balfour Beatty Communities is based here and employs approximately 1,000 employees nationwide.
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