Severn Trent Property - the firm behind some of the biggest commercial property developments in the Midlands - has been put up for sale by troubled parent group Severn Trent.
London-based Jones Lang LaSalle Corporate Finance yesterday confirmed that it had been mandated to sell Severn Trent Property, which could attract offers in the region of #50 million.
Birmingham-based Severn Trent Group has already decided to dispose of its Biffa waste management business - expected to be completed by the end of October - as it focuses on its water business.
Severn Trent Property has developments from Leeds in the north of England to Swindon in the south, controlling 500 acres of land with planning consents for five million sq ft of space.
In the West Midlands it is involved with the Tournament Fields development at Warwick, a 52-acre scheme with outline planning consent for 700,000 sq ft of space.
Another scheme is the DIRFT 2 Logistics Park at Daventry, where two million sq ft of warehousing and industrial space is being built. Firms such as Eddie Stobart, Tesco, Tibbett & Britten and the Malcolm Group have been attracted by its location close to junction 18 of the M1.
A further large scheme is Midpoint 2 at Minworth, where 1.8 million sq ft of warehousing and industrial space is being planned. At Coton Park, Rugby, 400,000 sq ft of space is being built.
The business is being sold as a going concern.