Morgan Sindall Group Regulatory News (MGNS)

7 May 2013

MORGAN SINDALL GROUP PLC

Muse Developments appointed preferred bidder for redevelopment of St Nicholas House,

former Aberdeen City Council HQ

Morgan Sindall Group plc announces that Muse Developments, its Urban Regeneration division, in joint venture with Aviva Investors, has been appointed as preferred bidder to work with Aberdeen City Council on the redevelopment of the St Nicholas House site in Aberdeen. The project will be fully funded by Aviva Investors, and has an overall value in excess of £100m.

Muse Developments proposes to develop a vibrant new mixed-use quarter for the city on the brownfield site which previously housed the local authority's corporate headquarters. The proposal is for a development which will house offices, a boutique hotel, cafés, restaurants and retail space, as well as creating a significant amount of public space including a small civic square and pedestrianising Broad Street. Provost Skene's House is also included in the proposals.

The Council will lease the development from Muse and receive a proportion of the rental profits for 35 years, after which the site and development will transfer into council ownership.

A public consultation lasting 12 weeks will be carried out before any planning application is submitted. The site will be developed in a single phase and Muse aims for completion during 2016.

John Morgan, Chief Executive of Morgan Sindall Group, commented: "Muse Developments is delighted with the opportunity of working on this scheme. We have a strong track record in similar joint venture regeneration projects and are confident that we will deliver a successful living and working destination. We are excited to be working with Aberdeen City Council and look forward to bringing innovation and long-term value for the people of Aberdeen."

ENDS

Editor's notes: 

Morgan Sindall Group plc

Morgan Sindall Group plc is a leading UK construction and regeneration group with a turnover of £2 billion, employing around 6,500 employees and operating in the public and commercial sectors. It operates through five divisions of construction and infrastructure, fit out, affordable housing, urban regeneration and investments.

Muse Developments

Muse Developments is one of the country's leading names in commercial development and urban regeneration. A national developer - with regional operations in Manchester, London, Leeds and Glasgow. It delivers complex mixed-use schemes - with the accent on quality and sustainability - and creates vibrant new places in towns and cities. Founded on the extensive experience of its management and delivery teams, Muse is driven by a desire to bring a fresh and innovative approach to property development. Muse is part of Morgan Sindall Group plc, a leading UK construction and regeneration group with revenue of over £2 billion and which operates through five divisions of construction and infrastructure, affordable housing, fit out, urban regeneration and investments.

ENQUIRIES:

Morgan Sindall Group plc Tel: 020 7307 9200

John Morgan, Chief Executive

Steve Crummett, Finance Director

Brunswick Tel: 0207 404 5959

Nina Coad

Alison Kay