Crest Nicholson sells stake in Longross Studios to Aviva
Crest Nicholson Holdings
183.70p
08:14 25/04/24
-0.27%
-0.50p
Crest Nicholson said it it was selling its 50% interest in the Longcross film studio to joint venture partner Aviva.
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The housebuilder said it expected proceeds from the deal to deliver a one-off contribution in excess of £10m to annual adjusted pre-tax profit and around £45m in cash by the end of the financial year.
Crest Nicholson said the transaction was expected to complete late summer 2021. It will continue to hold a 50% stake in the remaining 195 acres of Longcross Garden Village a joint housing venture with Aviva where it plans to build 1,700 homes.