Wanda buy in Nine Elms

Vinci St Modwen has sold Nine Elms Square in Battersea to Dalian Wanda for £470m.

The St Modwen/Vinci 50:50 joint venture has sold the site to Dalian Wanda subsidiary Wanda Commercial Properties. The sale is expected to complete during summer 2017, once the old New Covent Garden flower market is demolished.

£70m of the proceeds will fund the JVs share of the construction of 500,000 square feet of new purpose-built market facilities, a condition of the consent.

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