The deal means that Kier Developments and its subsidiaries are now 100% owned by Kier Developments.
Kier has paid £35m cash on completion. A further £30m cash will be paid in October 2012 and £26m cash will be paid in October 2013. The payments release Kier Developments and its subsidiaries from all debt payable to Lloyds.
The portfolio of real estate assets, which Kier plans to develop and then sell, includes:
- two office buildings in Cavendish Place and Savile Row in central London;
- a mixture of commercial and residential land in Frimley, Swindon, Southampton, Heathrow, Uxbridge and Ashford;
- a retail development in Chichester which is currently expected to have been sold by 30 June 2011; and
- two industrial units in Weybridge, which are expected to be sold shortly, and a further industrial unit in Romford.
Kier Group chief executive Paul Sheffield said: "We would like to thank Lloyds Banking Group for its involvement in the joint venture over the last nine years. We are delighted to conclude this transaction, which will offer exciting development opportunities and create significant value for the whole group over the next few years."
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