21 June 2017 – disposal
The group has confirmed that its 50% joint venture company VINCI St Modwen has disposed of its 10-acre Nine Elms Square site for cash consideration of £470m. After various costs, the group will receive net proceeds of £190m of which £70m will be held in an escrow account to fund the group’s share of future obligations in developing new market facilities at the site. The remaining funds will be used to reduce debt and fund other development opportunities. Ahead of the group’s interim results’ announcement on 4 July we maintain our recommendation of BUY.