Department of the Air Force Awards AMC West Housing Privatization Project to Balfour Beatty Communities

2008-07-24 15:22:04 -

- Balfour Beatty Communities, LLC Kathleen M. Grim, 610-355-8206 kgrim@bbcgrp.com or General Media Contact: Gregory FCA Katie Miller, 610-228-2124 or 610-639-7070 Katie@GregoryFCA.com Balfour Beatty Communities (formerly GMH Military Housing) announced today it has finalized agreements with the Department of the Air Force to be the private sector developer for the Air Mobility Command (AMC) West Military Housing Privatization Project, covering three Air Force bases, including Fairchild Air Force Base, located near Spokane, WA; Travis Air Force Base, located near Fairfield, CA; and Tinker Air Force Base, located near Oklahoma City, OK.

The project has a 50-year term, commencing with a seven-year Initial Development Period (IDP), and estimated project costs valued in excess of $410.0 million, including the design, construction and/or renovation of, and overall management, maintenance and operational responsibilities for, a total of 2,435 end-state housing units.

"We remained focused on our number one priority of improving the quality of life for Airmen and women and their families, and were able to successfully obtain the financing needed to maintain the original project scope," said Bruce Robinson, CEO and President of Balfour Beatty Communities. "We are grateful for the efforts of the Air Force and our development and financing partners in meeting this goal, and look forward to providing high quality homes and programs for the families at Fairchild, Travis and Tinker Air Force Bases."

Congressionally authorized since 1996, the Military Housing Privatization Initiative allows the Department of Defense and Services to work with the private sector to upgrade the quality of family housing and operate and maintain that housing. The family housing assets are typically leveraged with private investment to accomplish housing construction and renovation goals faster and at a lower cost than military construction.

Including the AMC West Housing Privatization Project, Balfour Beatty Communities, LLC (www.bbcgrp.com) operates 14 military housing privatization projects covering family housing at 41 military bases, including one unaccompanied personnel project; and is in exclusive negotiations relating to two additional family housing projects covering an additional two military bases, as well as one unaccompanied personnel housing project. The Company previously has partnered with The Department of the Army for the military family housing privatization projects at:

-- Fort Stewart, Hinesville, Georgia, and Hunter Army Airfield, Savannah, Georgia

-- Walter Reed Army Medical Center, Washington, DC, and Fort Detrick, Frederick, Maryland

-- Fort Hamilton, Brooklyn, New York

-- Fort Carson, Colorado Springs, Colorado

-- Fort Gordon, Augusta, Georgia

-- Carlisle Barracks, Carlisle, Pennsylvania, and Picatinny Arsenal, Dover, New Jersey

-- Fort Eustis, Newport News, Virginia, and Fort Story, Virginia Beach, Virginia

-- Fort Bliss, El Paso, Texas, and White Sands Missile Range, Las Cruces, New Mexico

-- Fort Leonard Wood, Pulaski County, Missouri

The Company has partnered with the Department of the Navy for its Navy Northeast Region Project, covering eight Naval bases in Maine, Rhode Island, Connecticut, New York and New Jersey, as well as the Navy Southeast Region Project covering 11 Naval bases in South Carolina, Florida, Georgia, Mississippi, and Texas. The company has also partnered with the Department of the Air Force for Vandenberg Air Force Base, Lompoc, California, and the Air Education and Training Command (AETC) Group I Project consisting of four Air Force bases located at:

-- Altus Air Force Base, Altus, Oklahoma

-- Luke Air Force Base, Glendale, Arizona

-- Sheppard Air Force Base, Wichita Falls, Texas

-- Tyndall Air Force Base, Panama City, Florida

Balfour Beatty Communities has partnered with the Department of the Army for the privatization of Unaccompanied Officer Quarters/Unaccompanied Senior Enlisted Quarters at Fort Stewart, Hinesville, GA.

About Balfour Beatty Communities

(www.bbcgrp.com)

Balfour Beatty Communities, LLC (formerly known as GMH Military Housing) is responsible for the development, renovation, operation and management of military privatization housing projects for the U.S. Departments of the Army, Navy and Air Force. The company has been a leader in the military housing industry, and provides services to members of the U.S. military and their families residing on or near bases located in 19 states and Washington, D.C. Currently based in Newtown Square, PA, the company employs approximately 1,000 people nationwide.

AMC West Project Comprises Three Air Force Bases and 2,435
End-State Housing Units; Represents Company's 14th Military Housing
Privatization Project