Reuters: Deals: St. Modwen and Vinci win $3.2 billion London market deal

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St. Modwen and Vinci win $3.2 billion London market deal Mar 27th 2012, 10:34 By Tom Bill LONDON | Tue Mar 27, 2012 6:34am EDT LONDON (Reuters) - British property developer St. Modwen (SMP.L) and French group Vinci (SGEF.PA) have won a 2 billion-pound ($3.2 billion) project to redevelop London's New Covent Garden flower and vegetable market and add 2,800 homes near the site of the future U.S. embassy. The partnership beat a rival bid from French conglomerate Bouygues (BOUY.PA) and American private equity firm Carlyle Group (CG.O), the winning bidders said in a statement on Tuesday. Construction of the 500,000 square foot market in the Nine Elms district on the south side of the River Thames will begin next year. Nine Elms also contains Battersea power station, the 38-acre landmark site currently up for sale after suffering repeated failed redevelopment attempts over the last three decades. Nine Elms is one of a record number of large regeneration projects underway in London as growing numbers of developers create new neighborhoods under schemes drawn up in the boom years prior to the financial crisis.

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