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Home builder Crest Nicholson said it expected profit to receive a one-off boost after it agreed to sell its 50% stake in Longcross Studio, a film studio, to Longcross General Partner, an Aviva Investors company.
'We expect our proceeds from this transaction to deliver a one-off contribution in excess of £10m to Adjusted Profit Before Tax for FY21 and the receipt of approximately £45m cash consideration by the end of the financial year,' the company said.
The transaction was expected to complete late summer 2021, subject to satisfying contractual conditions.
The group would continue to hold a 50% equitable interest in the remaining 195 acres of Longcross Garden Village in a joint venture with Aviva.
This prime site, located in Surrey, is expected to deliver up to 1,700 homes.
'It is intended that Crest Nicholson will develop and complete its share of this site in the future,' the company siad.
Looking ahead, the company said it would be announcing its half year results for the six months ending 30 April 2021 on Thursday 24 June 2021.