Exchange of contracts for sale of Nine Elms plotsSource: RNS
Royal Mail plc
(Incorporated in England and Wales)
Company Number: 8680755
LSE Share Code: RMG
13 December 2021
ROYAL MAIL PLC
EXCHANGE OF CONTRACTS WITH LONDON SQUARE FOR SALE OF 3.04 ACRE PLOT ON NINE ELMS PARK SITE
Royal Mail plc (RMG.L) announces that contracts have been exchanged for the sale of the three remaining plots (Plots E, F and G) on its Nine Elms Park site to London Square for a total gross consideration of £111.23 million. The sale of the 3.04 acre site is on a conditional basis.
A deposit of 10 per cent (£11.123 million) has been paid on exchange of contracts, with the remaining 90 per cent (£100.107 million) payable on completion of the transaction expected in early 2022. Cash proceeds from the sale will be used in line with our stated capital allocation policy, with around £35 million to be re-invested into the Nine Elms site.
Situated in a prominent position within the Vauxhall Nine Elms Battersea opportunity area, less than a mile from the Northern Line Extension, the plots are bound by Ponton Road to the east, Bellway's The Residence & Lexington Gardens to the south and the US Embassy to the northeast. The plots have been sold with planning consent to include up to 756 residential units, of which 133 will be affordable.
Martin Gafsen, Group Director of Property & Facilities Solutions, Royal Mail, said: "The sale of plots E, F and G on our Nine Elms site to London Square marks the final step in our contribution to the emerging residential community in this exciting new area of the capital. The new development will create more housing, including affordable units, as well as community facilities and more public space."
Royal Mail investor relations line: 020 7449 8183
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Phone: 07483 302 245
Notes to Editors
About Royal Mail plc
The Group consists of two principal operations; our UK-based operation which includes Royal Mail and Parcelforce Worldwide (Royal Mail) and our international operation, General Logistics Systems (GLS). Royal Mail is the leading provider of postal and delivery services in the UK and the UK's designated universal postal service provider. Through the Royal Mail Core Network, the company delivers a one-price-goes-anywhere service on a range of parcels and letters products. Royal Mail has the capability to deliver to more than 31 million addresses in the UK, six days a week (excluding UK public holidays). Parcelforce Worldwide operates a separate UK network which collects and delivers express parcels. General Logistics Systems (GLS) which operates one of the largest ground-based, deferred parcel delivery networks in Europe.
About London Square
Founded in 2010, London Square is a leading residential developer delivering a range of high quality homes in well-connected locations across Greater London. London Square has expanded its existing platform to offer an entire eco-system of tenures - private for sale, for rent and affordable. The company's divisions comprise London Square Developments, its private for sale arm, London Square Partners, set up to work with the public sector, London Square Works, which focuses on developing high quality space at its mixed use developments, and London Square Living, its new Build to Rent division, which sources sites and develops the for rentals. Square Roots is an independent provider of affordable housing launched by London Square in 2021.