ST. MODWEN AND VINCI PLC JOINT VENTURE SIGN CONTRACT FOR THE REGENERATION OF NEW COVENT GARDEN MARKET, NINE ELMS, LONDON

St. Modwen Properties PLC (LSE: SMP), the UK’s leading regeneration specialist, and its joint venture partner VINCI PLC have signed a contract with the Covent Garden Market Authority (“CGMA”) to be the development partner for the New Covent Garden Market site in Central London. The landmark multi-phased project has a gross development value of around £2 billion and will entail the rationalisation and master planning of the entire 57 acre site situated next to Vauxhall Cross, Nine Elms.

The regeneration of the existing 57 acre New Covent Garden Market site will see the development of 550,000 sq ft of modern facilities which will house the circa 200 businesses that make up the UK’s largest fruit, vegetable and flower market. These new facilities will be funded through the release of 20 acres of surplus land which will then be developed to create a new high quality residential led mixed-use regeneration scheme, providing up to 2,800 new homes and 115,000 sq ft of commercial accommodation.

Nine Elms is one of London’s key development areas for new mixed use development and the plans for New Covent Garden Market form a vital part of its regeneration, acting as the gateway to the Vauxhall, Nine Elms and Battersea Opportunity Area. Current projects being undertaken in the area include the development of the new United States Embassy and the redevelopment of Battersea Power Station.

Bill Oliver, Chief Executive of St. Modwen, commented:

“The redevelopment of New Covent Garden Market is an incredibly exciting project and one that complements our extensive experience in regenerating complex, brownfield sites. VINCI and St. Modwen are very pleased to have now signed contracts with the CGMA and we look forward to engaging with tenants, neighbours and other stakeholders to progress the delivery of this development.”

David Bowler, Director, VINCI PLC, said:

“VINCI PLC is delighted to be working alongside St. Modwen and CGMA, not only to provide a modern market for the food and flower trades in London, but also to deliver a world class development that will significantly contribute to the cultural and economic regeneration of Nine Elms.”

Brenda Dean, Chairman of CGMA said:

“We are pleased to have signed this Development Agreement and to confirm VINCI St. Modwen (VSM) as our development partners. Our vision for a modern new market is now significantly closer to being realised and we look forward to working with VSM and the tenant community in taking the plans forward in what will be a major and important part of the new Vauxhall Nine Elms development area.”

-ENDS-

ENQUIRIES:

St. Modwen Properties PLC

Bill Oliver, Chief Executive

Michael Dunn, Group Finance Director

Charlotte McCarthy, Corporate PR Manager

Tel: 0121 222 9400

FTI Consulting

Stephanie Highett

Dido Laurimore

Faye Walters

Tel: 020 7831 3113

VINCI PLC

Melanie Mathews, Communications Director

Tel: 01923 470 435

Jessica Evans

Madano Partnership

Tel: 0207 593 4000

Covent Garden Market Authority

Jonny Popper / Richard Abbott

London Communications Agency

Tel: 020 7612 8480

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