The purchasers now own 100% of these two schools PFI projects.
Kier said that the sales were in line with its policy of selectively realising the value of the equity in its PFI portfolio.
Kier built the schools and has also provided facilities management services for a number of years. Following the disposals, Kier will continue to provide the facilities services under the current contracts for a further 21 years in the case of the Norwich schools, and 22 years in the case of the Oldham schools.
Kier makes a profit of £4.3m on the deal, to be included in its annual results for the year ending 30 June 2011.
HICL and Kajima has also paid £8m to Dexia Credit Local for a 50% interest in the Sheffield Schools PFI Project. The acquisition takes the number of infrastructure investments in the group's portfolio to 40.
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