St Modwen raises £49m to bankroll plans for market facelift
Tuesday 26 February 2013
St Modwen has tapped shareholders for £49m to help fund the £2bn overhaul of the UK's biggest fruit, veg and flower market, in south London.
The builder is part of a joint venture chosen last year to oversee the redevelopment of the New Covent Garden Market, a major plank in the wider regeneration of the Vauxhall, Nine Elms and Battersea districts of London.
St Modwen, which is partnered with French building giant Vinci, must bear 50 per cent of the development cost of the 550,000 sq ft market development, estimated at between £150m and £200m. In return, the joint venture will gain 20 acres of surplus land, paving the way for the construction of 2,800 homes. Its shares fell 11 per cent to 248.6p on the placing.
- 1 Man on naked bike ride gets ejected after becoming aroused
- 4 Ann Summers survey reveals the UK's favourite sex position
- 5 Ayyan Ali: Pakistan's top model now appears in the courtroom rather than on the catwalk
Man on naked bike ride gets ejected after becoming aroused
Caitlyn Jenner's mother Ester thought her daughter, formerly known as Bruce Jenner, had transitioned for money
Charles Kennedy 1959-2015: A gifted, compassionate politician whose career was cut short by the 'demon drink' - latest news
Charles Kennedy dead: A guy once asked the Lib Dem leader who his favourite Muppet was and his letter response was wonderful
Jaden Smith wears gender fluid dress to high school prom with Hunger Games actress
Thousands of teenage girls enduring debilitating illnesses after routine school cancer vaccination
Migrants in Kos: Photos show real tragedy after Brits abroad complain of 'awkward' holidays
British tourists complain that impoverished boat migrants are making holidays 'awkward' in Kos
Michael Gove determined to scrap the Human Rights Act – even if Scotland retains it
Threat to scrap Human Rights Act could see UK follow Nazi example, warns UN official
Why this year's general election was the most unfair in Britain's history
iJobs Money & Business
£30000 - £35000 per annum: Recruitment Genius: The UK's fastest growing, multi...
£70000 - £90000 per annum: Recruitment Genius: A Financial Reporting Manager i...
£23000 - £25000 per annum: Recruitment Genius: They win lots of awards for the...
£13500 - £20000 per annum: Recruitment Genius: This nationwide enforcement com...