Crest Nicholson sells stake in Longross Studios to Aviva

Crest Nicholson said it it was selling its 50% interest in the Longcross film studio to joint venture partner Aviva.

The housebuilder said it expected proceeds from the deal to deliver a one-off contribution in excess of £10m to annual adjusted pre-tax profit and around £45m in cash by the end of the financial year.

Crest Nicholson said the transaction was expected to complete late summer 2021. It will continue to hold a 50% stake in the remaining 195 acres of Longcross Garden Village a joint housing venture with Aviva where it plans to build 1,700 homes.