St. Modwen Properties PLC today has announced that VINCI St. Modwen, its 50/50 joint venture with VINCI plc, has successfully completed on the £470 million sale of its interest in the 10-acre Nine Elms Square site, following an exchange of contracts announced on 21 June 2017.
The sale retains obligations to the Covent Garden Market Authority, holding £140m from the proceeds of the sale to fund the continued regeneration of the New Covent Garden Market and surrounding facilities.
St. Modwen Properties aims to use the proceeds from this deal to continue to pursue strategic opportunities across the UK.
Mark Allan, New Chief Executive for St. Modwen, commented on the sale in June: “The sale of Nine Elms Square is an important milestone, which will realise the capital required to fund the construction of over 500,000 sq ft of new market facilities. It also crystallises a significant element of the value we have been able to create on this complex, inner London development site.”
“Together with out joint venture partner, VINCI plc, we remain very much committed to the longer term regeneration of Nine Elms and are excited about the opportunities ahead.”