Balfour Beatty Wins $140 Million London Commercial ContractNatasha Doff
Balfour Beatty Plc, the U.K.’s biggest construction group, won an 87 million-pound ($140 million) contract to develop commercial and retail space near central London’s Regent Street.
The company will build two eight-story blocks with 260,000 square feet of space and a 10,000 square foot piazza between Regent Street and Haymarket, the company said in a statement today. Construction will begin this fall and is due for completion in summer 2015.
“Working within the capital invariably presents its challenges but the investment we have made in digital technology and modular construction will come to the fore on this project,” Balfour Beatty Chief Executive Andrew McNaughton said in a statement.
Balfour Beatty is benefiting from a rise in orders from the U.K. and U.S., its main markets, as a return to economic growth fuels demand for construction. The new development is the London-based company’s sixth commercial development under way in the U.K. capital.
Shares in Balfour Beatty were unchanged at 284 pence at 9 a.m. in London, giving the company a market value of 1.96 billion pounds.