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."