June 2017
VINCI St. Modwen, the joint venture between St. Modwen Properties PLC (LSE: SMP) and VINCI PLC has sold the 10 acre Nine Elms Square site for £470m.
The sale retains the obligations to the Covent Garden Market Authority, holding proceeds to fund the continued regeneration of the New Covent Garden Market and surrounding facilities.
Following the sale and over the course of the next 10 years, VSM will remain closely involved in the wider regeneration of the Nine Elms area through its development agreement with CGMA which will see it provide new market facilities for New Covent Garden Market and in doing so, safe-guarding the existing 2,500 market jobs. As the joint venture progresses with the delivery of the new market, the remaining 10 acres of development land will be released in phases for future transformation into three distinct character areas; to be known as Nine Elms Gardens, Nine Elms Grove and Thessaly Road that will feature a vibrant mix of residential, commercial, retail and leisure uses
Mark Allan, Chief Executive for St. Modwen, said: “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 our 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.”