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Geo Group announces contract for new immigration transfer center

The GEO Group announced it has entered into a five-year agreement inclusive of renewal options, with U.S. Immigration and Customs Enforcement for the housing of immigration detainees in a new 400-bed Transfer Center to be located at England Airpark in Alexandria, Louisiana. GEO will finance, develop and manage the $20M company-owned Center, which is expected to be completed during 4Q14. GEO’s contract with ICE is expected to generate approximately $8.5M in annualized revenues.