27.05.15
Capco buys Kier share of Network Rail’s Solum Regeneration JV
Developer Capital and Counties Properties PLC (Capco) has agreed to buy Kier Limited’s share of Solum Regeneration, a joint venture with Network Rail.
RTM first reported last month that Kier was looking to sell and that Capco was pursuing the deal.
Contracts have now been exchanged and it is anticipated that the transaction will complete around the end of June.
The £500m joint venture was established in 2008 by Network Rail to attract private investment into the rail network and take forward development projects to regenerate under-used railway land around major station sites.
Kier Property will continue to take forward existing projects including at Guildford, Twickenham and Bishops Stortford stations.
Solum will explore opportunities for future redevelopments on and around significant railway station sites in London.
Gary Yardley, managing director and chief investment officer, Capco, said: “Our London-focused business has provided us with valuable experience in creating places and bringing forward ambitious schemes. We are delighted to be entering into this joint venture with Network Rail, which offers the opportunity to take forward significant urban regeneration schemes at key transport interchanges in London.”
Stuart Kirkwood, property development director at Network Rail, added: “Network Rail’s partnership with Kier has already delivered three major mixed-use developments at Christchurch, Epsom and Walthamstow Central and secured planning permission for three more. Capco’s expertise will help us unlock further regeneration opportunities in London in the next phase of Solum’s work.”
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