Interserve sells Haymarket site for £49m

FTSE 250-listed construction firm Interserve has agreed to offload its Haymarket site in Edinburgh to M&G Real Estate for a total of £49.1m

Interserve's Haymarket site, located in the heart of Edinburgh's financial and commercial centre and built in conjunction with its Tiger Developments joint venture, Edinburgh Haymarket Developments, is "the most significant development project" in the Scottish city in over a decade.

The three-acre site includes three contemporary office buildings, retail space, a 190 bedroom hotel and a 170 unit apart-hotel.

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."

As of 1030 BST, Interserve shares had collected 3.11% to 76.30p.