UK property developer Crest Nicholson has sold its 50 per cent stake in a film studio joint venture for £45m.
Crest Nicholson, which usually focuses on house building, said it has entered into an agreement with JV partner Aviva to sell its share of Longcross Studio in Surrey.
The transaction, which is expected to complete this summer, will give profit before tax a one-off boost of £10m.
The cash consideration of £45m will allow Crest Nicholson to “accelerate its existing strategy”.
“This transaction supports one of the group’s five strategic priorities which is to utilise and maximise the value of its land portfolio,” the company said.
The developer will continue to hold a 50 per cent stake in the remaining 195 acres of Longcross Garden Village, also in partnership with Aviva, where it is planning to build up to 1,700 homes.