Crest Nicholson : sells stake in Surrey film studio for £45m
May 14, 2021 at 03:01 am EDT
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UK property developer Crest Nicholson has sold its 50 per cent stake in a film studio joint venture for £45m.
Crest Nicholson, which usually focuses on house building, said it has entered into an agreement with JV partner Aviva to sell its share of Longcross Studio in Surrey.
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The transaction, which is expected to complete this summer, will give profit before tax a one-off boost of £10m.
The cash consideration of £45m will allow Crest Nicholson to “accelerate its existing strategy”.
“This transaction supports one of the group’s five strategic priorities which is to utilise and maximise the value of its land portfolio,” the company said.
The developer will continue to hold a 50 per cent stake in the remaining 195 acres of Longcross Garden Village, also in partnership with Aviva, where it is planning to build up to 1,700 homes.
The post Crest Nicholson sells stake in Surrey film studio for £45m appeared first on CityAM.
Crest Nicholson Holdings plc is a United Kingdom-based residential housebuilder operating across England. The Company operates across the market, creating homes for private sale, homes and private rental properties. The Company has seven housebuilding divisions: southwest, south, Chiltern, Midlands, East Anglia, eastern and Yorkshire. All divisions are engaged in residential-led, mixed-use developments in the United Kingdom. The Company's services include deposit unlock, home reach, first homes, smoothmove, part exchange, deposit booster, mortgage updates and stamp duty. The Company also operates a dedicated Partnerships and Strategic Land division which provides expertise in working with its key partners and managing the acquisition of strategic land.