March 23, 2017 / 8:34 AM / 8 months ago

BRIEF-Kier Residential forms JV with Cross Keys Homes

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.newsroom@thomsonreuters.com)

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