St Modwen gives update on sale of New Covent Garden Market

St Modwen Properties confirmed on Wednesday that a period of exclusivity which was recently granted to a prospective buyer of its 10-acre site at New Covent Garden Market has now expired.

Addressing press speculation, the company said the riverside site in central London has received high levels of interest and the sale process with other prospective purchasers continues.

It added that further announcements will be made as and when appropriate.

Nicholas Hyett, equity analyst at Hargreaves Lansdown, said: "While the group says there are plenty of other interested parties, the news will not have gone unnoticed by those with doubts over the London property market."

At 1026 GMT, the shares were down 4.5% to 315p.