Carillion has sold its 66.67% shareholding in Ask Real Estate and a shareholder loan made by Carillion Construction to AREL's subsidiary, Ask Central Limited and its 50% interest in Ask Carillion Developments to one or more wholly-owned subsidiaries of Dukehill fpr £13.8m.
It said £1m of the cash consideration was contingent on the sale of 100 Embankment and would be paid by Dukehill within five business days of signing of the sale documentation in relation to this.
AREL and ACD (through their wholly-owned subsidiaries and other associated entities) carry out commercial property development activities, together with various partners, in the North of the UK, including Manchester, Liverpool and Leeds.
Carillion interim chief executive Keith Cochrane said: 'We are pleased to be able to announce further progress.
'Much remains to be done, and we are continuing to execute our plans to refocus the business, reduce cost and strengthen our balance sheet.'