Interserve PLC Interserve agrees sale of Haymarket

TIDMIRV

Interserve PLC

05 June 2018

5 June 2018

Interserve AGREES sale of HAYMARKET

International support services and construction group, Interserve, today announces that its Joint Venture with Tiger Developments, Edinburgh Haymarket Developments Limited ("EHDL"), has agreed the sale of the Haymarket site in Edinburgh to M&G Real Estate, with gross sales proceeds of GBP49.1 million.

The Haymarket site, in the heart of Edinburgh's financial and commercial centre, is the most significant development project to come available in the city in over a decade. The three-acre site has planning permission for a mixed-use scheme including three contemporary office buildings (370,000 sq. ft. / 345,000 sq.m), retail space, a 190 bedroom hotel and a 170 unit apart-hotel.

With 'grade A' office space at a premium in the city, the gateway site is widely considered to be the best office development site outside London. The site boasts a location next to Edinburgh's Haymarket train station and a Trams stop connecting to Edinburgh International Airport.

Dougie Sutherland, executive director at Interserve, said:

"We are delighted to have agreed the sale of the Haymarket site to M&G. The sale follows a strategic review of the project and is part of our overall transformation plan, allowing us to realise our investment at a time that is right for both the development and the market."

Joint agents JLL and Dougray Smith acted for EHDL.

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For further information please contact:

   Robin O'Kelly, Interserve               [phone] 
   Martin Robinson                           [phone] 

Tulchan Communications

About Interserve

Interserve is one of the world's foremost support services and construction companies. Everything we do is shaped by our core values. We are a leader in innovative and sustainable outcomes for our clients and a great place to work for our people. We offer advice, design, construction, equipment, facilities management and frontline public services. We are headquartered in the UK and FTSE-listed. We have gross revenues of GBP3.7 billion and a workforce of circa 75,000 people worldwide.

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June 05, 2018 04:36 ET (08:36 GMT)