March 23 (Reuters) - Kier Group Plc:
* Will transfer part of its land bank and a number of its residential developments in east of England, valued at up to £97 mln, into JV
* Cross keys contributing up to £4m of equity into JV
* Will receive a cash payment of up to £64m for assets and JV will be funded by a non-recourse revolving credit facility from Hsbc Bank Plc
* Will be a 90:10 split of economic ownership and each party will have 50:50 voting rights
* Initial completion of transaction is expected to take place by 31 March 2017
* JV is expected to be cash generative from completion of transaction.
* Expects transaction to be earnings accretive in 2019 Source text for Eikon: Further company coverage: (Bangalore.email@example.com)