UK regeneration specialist St. Modwen Properties said on Tuesday that its joint venture with Vinci, VSM Estates, has completed the acquisition of RAF Uxbridge from the Ministry of Defence as part of the MoDEL redevelopment project, which VSM Estates was awarded in August 2006.
UK regeneration specialist St. Modwen Properties said on Tuesday that its joint venture with Vinci, VSM Estates, has completed the acquisition of RAF Uxbridge from the Ministry of Defence as part of the MoDEL redevelopment project, which VSM Estates was awarded in August 2006.
The site in north-west London covers a total of 110 acres, of which 45 acres are developable, and has planning consent for 1,340 residential units and circa 200,000 sq ft (19,000 m2) of commercial office and retail development, as well as a new primary school, a 1,500 seat theatre and a 40 acre public park.
The acquisition has been financed principally through a £60 mln, five-year debt facility provided by HSBC, with additional equity provided equally by St.Modwen and Vinci.
Persimmon has been awarded a sub-contract to develop circa 500 homes, with construction due to commence by the end of this year.
