St. Modwen sells Nine Elms Square to Wanda
St. Modwen and VINCI have sold the 1,900-home Nine Elms Square site to Honk Kong’s Wanda Commercial Properties for £470m.
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. The sale follows the key objectives outlined in its strategic review last month, focusing on significant sales to fund commercial activity in the industrial and logistics sectors.
Mark Allan, New 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 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.”
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