Alfred McAlpine has agreed to sell its interests in six private finance initiative concessions to Infrastructure Investors Limited Partnership for £52.2m cash. Financial Times

McAlpine will sell its equity and subordinated loan stock portfolio in road, school and healthcare projects to the fund, which is backed by Barclays Private Equity, Société Générale and 3i. It will retain one PFI concession for the A13 road.

The proceeds will be used to reduce average net borrowings, which were £86m during the first half, but the deal is conditional on the consent of clients and other stakeholders. It is expected to complete within 90 days.

McAlpine shares fell 10½p to 556½p.