DEVELOPER St Modwen is planning to raise up to £50m in a share placing to fund building costs on its New Covent Garden Market regeneration scheme in London.
The placing of 20m new shares amounts to around 10% of the share issue of the group which is behind the £150m Project Jennifer scheme in Great Homer Street.
St Modwen is in a joint venture with Vinci to deliver the new 550,000 sq ft market, 2,300 homes and new commercial buildings, shops and community facilities at New Covent Garden.
Under the terms of the deal in return for building the new market facilities, 20 acres of surplus land, including the Northern Site, will be released.
The new market is expected to cost between £150m-£200m to build.