Completion of the acquisition (from VINCI St. Modwen – the 50/50 JV between St Modwen Properties Plc and VINCI Plc), is expected to occur later this year, following demolition of the former New Covent Garden flower market that occupies the site.
The £2bn redevelopment in Battersea, London, includes a residential tower and a new market. 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 Covent Garden Market Authority, which will see it provide new market facilities for New Covent Garden Market.
VSM will have no involvement in the future development of the Nine Elms Square site itself, which will now be taken on by Wanda Commercial Properties (Hong Kong).
