The sale means the John laing has raised over £120 million ($175 million) from asset disposals. The proceeds will be used to reduce the group's debts. Derrick Ardern, Chairman of the property division, said: 'The disposal of Laing Property proved to be highly competitive, attracting over 70 expressions of interest. We are delighted that we have been able to secure a result ahead of expectations with a healthy profit for shareholders.'
Laing Properties' assets included a 50% stake in Absolute, a joint venture with Bank of Scotland which has a £265 million ($380 million) development programme in the M3/M4 corridor to the south-west of London. It is also developing a 200,000-sf shopping mall in Enfield, north London, jointly with the Dutch financial institution ING .
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