BOCA RATON, Fla., Sept. 10 (UPI) -- A new transfer center for immigration detainees is to be financed, developed and managed by The Geo Group Inc. for U.S. Immigration and Customs Enforcement.
The 400-bed facility will be located in Alexandria, La., and will be completed in the fourth quarter of next year the company said.
"We appreciate the confidence placed in our company by U.S. Immigration and Customs Enforcement," said George C. Zoley, chairman and chief executive officer of GEO. "This important project will play an important role in helping meet the need for federal detention bed space in the Southeastern United States.
"We look forward to providing high-quality services at this new center in ... under our longstanding public-private partnership with U.S. Immigration and Customs Enforcement."
The agreement is for five years, inclusive of renewal options.
Geo said the facility will cost $20 million. The contract with U.S. Immigration and Customs Enforcement is expected to generate about $8.5 in annualized revenues.
The GEO Group Inc. describes itself as a fully integrated equity real estate investment trust specializing in the design, financing, development, and operation of correctional, detention, and community re-entry facilities.