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St. Modwen sells 207 London resi units in £75M forward deal

U.K. real estate developer St. Modwen Properties PLC settled its agreement with Annington Rentals (No.4) Ltd. to forward-sell 207 private rented sector units at its mixed-use regeneration project at St. Andrew's Park in Uxbridge, west London, for £75 million.

The deal, intended to speed up the delivery of future phases of the 1,300-home scheme, will provide St. Modwen with capital to invest in build-for-sale homes, according to a release.

Aside from the 207 units, the Triangle site comprises 42 affordable homes, which were forward-sold to Catalyst Housing Ltd. in December 2016.

The Triangle, which is spread across four blocks, is slated for phased completion between November 2018 and May 2019.

Savills represented St. Modwen in the deal, while Knight Frank acted on behalf of Annington.