Multiplex ends interest in White City development

The Multiplex Group has announced the sale of its interest in the White City development.

Multiplex R&M Investments, a 50:50 JV between Multiplex and Aldersgate, has agreed to sell its 25% interest in the project to Westfield for £65m.

The sale of Multiplex’s (12.5%) minority interest will enable Multiplex to concentrate on its significant development pipeline in the UK.

Multiplex’s preference is not to hold small minority interests in assets except in circumstances where it has a role as asset manager and fund manager.

The profit to Multiplex on the sale of the project interest is expected to be circa £10m and will partially offset the interest costs incurred between the acquisition date in November 2004.

Multiplex will remain as construction contractor for the White City project.