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Morgan Sindall steps up waterside interests

22 Nov 12 Morgan Sindall has increases its stake in a development company that specialises in waterside property.

ISIS' Brentford Lock West development
ISIS' Brentford Lock West development

ISIS Waterside Regeneration is 50% owned by the Canal & River Trust (formerly British Waterways) and 50% by Warp 4, which until now was itself a 50/50 joint venture between Morgan Sindall subsidiary Muse Developments and Igloo Regeneration, owned by Aviva Investors Fund. Warp 4 was set up solely to invest in ISIS.

Muse has now bought out Igloo and taken 100% ownership of Warp 4, thus increasing its participation in ISIS to 50% from 25%.

Muse is paying Aviva £20.5m payable in cash instalments between July 2013 and July 2017.

Morgan Sindall Group chief executive John Morgan said: "This acquisition demonstrates our commitment to the regeneration of waterside locations in the UK's main cities, and underlines the group's continuing focus on growing the regeneration business."

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