John Laing sells US housing business

John Laing has sold its remaining 22.5% equity interest in US housebuilder WL Homes for £25.7m in cash.

Depending on the trading result for the first six months, this is likely to give rise to a small loss after costs compared to the current book value.

John Laing's only exposure to the housing market comprises John Laing Partnership and a 30% interest in Octagon Developments. According to a group statement, the UK housing market slowed in the South East, where Octagon is based.

The rest of the group made "good progress" during the first half. Financial close was reached on the E39, the first DBFO road project in Norway, and the group was appointed preferred bidder on 12 projects with total future equity commitments of £60m.

The group's interim results will be announced on 1 September.