SEVERN TRENT AND NORTHERN TRUST SIGN PROMOTION AGREEMENT FOR 300 ACRE PORTFOLIO
23rd March 2012
Northern Trust Company Limited and Midlands Land Portfolio Ltd, a subsidiary of Severn Trent Plc, are pleased to announce the joint venture for the planning promotion of a portfolio covering over 300 acres.
The portfolio covers 11 sites across the Midlands and West Country and includes a wide variety of uses such as former waste water treatment works, office buildings, reservoirs and agricultural land. The sites have become surplus to requirements for Severn Trent and Northern Trust will now manage their promotion through the planning system prior to disposal.
Northern Trust Company Ltd was selected for the joint venture partnership following a successful tender process.
Mike Grindrod, Land & Development Director at Northern Trust said “We are delighted to have been chosen by Midlands Land Portfolio Ltd, and look forward to working closely together. This project fits perfectly with Northern Trust’s existing property portfolio and we are looking forward to the challenge of promoting these strategic sites.”
Mike continued “Northern Trust already have interests in land approaching 5,000 acres either owned or managed for third parties and the addition of this portfolio continues our investment in promoting development throughout the Country.”
Ted Pearce, a Director of MLPL said: “ Having followed a robust selection process that highlighted just how many strong partners we could have worked with it’s great to be able to announce our partnership with Northern Trust.
“The opportunities within this first portfolio are significant; we’re sure that with Northern Trust’s expertise joined together with MLPL’s landbank a substantial business can be built.”
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Notes to Editors: Press Enquiries to Rosalyn Booth, Northern Trust, 01257 238555.