23.04.15
Kier to sell stake in joint venture with Network Rail
Kier Property is selling its stake in Solum Regeneration, a station redevelopment joint venture with Network Rail.
The developer Capital and Counties is understood to be purchasing the stake.
The £500m joint venture began seven years ago with a plan to bring private investment into the rail network through a pipeline of station redevelopment schemes in the south east.
Solum generates funds from the development of under-used railway land and has completed projects at Christchurch, Epsom and Walthamstow. Work is due to start shortly at Redhill and Haywards Heath, and at Twickenham after the 2015 Rugby World Cup.
The most ambitious scheme, a £150m redevelopment of Guildford station, will be part funded by Solum building 445 new homes, offices, shops and restaurants, and is expected to start next year under previous timetables.
A spokeswoman for Kier said: “Kier Property is exploring the potential of restructuring its Solum Regeneration joint venture partnership and will be able to give more detail on the nature of the restructure as and when a deal is concluded. Kier will continue to work with Network Rail on its existing pipeline of projects.”
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