Styles & Wood Group Regulatory News (STY)

Styles&Wood Group plc

STYLES&WOOD WINS £17.7M REFURBISHMENT OF HIGH END COMMERCIAL OFFICE BUILDING

Styles&Wood Group plc ("Styles&Wood" or the "Group"), the integrated property services and project delivery specialist, is pleased to announce that following a competitive two stage tender process, it has been appointed to carry out the £17.7m refurbishment of Westminster House, Portland Street, Manchester for Aviva Investors, designed by BDP, WSP and Chapman BDSP.

The renovation project, due to complete in November 2016, will regenerate the property in line with modern standards of Grade A office accommodation and environmental performance.

The Group's Projects business unit will complete strip out and refurbishment works to the building on a phased basis, allowing the ongoing use of the building around an existing tenant during the refurbishment.

The 69-week project will include the complete refurbishment of the fabric and finishes together with mechanical and electrical upgrades across 15,000m2 of refurbished internal floor space.

The appointment demonstrates the success of Styles&Wood's strategic focus to further its reach into specialist refurbishment markets, where it provides integrated property solutions. The appointment represents the Group's single largest project success since 2008 and underlines further the business' diversification strategy.

On completion of the project, Aviva Investors will be seeking tenants for circa 9,000m2 of newly refurbished Grade A office accommodation, through their retained leasing agents, Savills and Cushman and Wakefield.

Tony Lenehan, CEO at Styles&Wood, said:

 "This is a significant win for Styles&Wood in a key growth sector for a number of the Group's service lines.

"The Group now has in excess of 25'000m2 of office space under refurbishment for legal, financial and insurance blue chip customers. This reinforces our credentials for corporate office clients on a national scale. As such, combined with our expertise in working in live, occupied environments, we are now in an excellent position to secure future projects as institutional investors look to enhance the value of their property assets."

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