UK govt pays initial £36m to Hansteen for Midlands business park
Industrial property investor Hansteen said it was getting a £36.96m down payment for Birmingham's Saltley Business Park, as the government prepares to build the HS2 rail link.
The government is acquiring the site using a compulsory purchase order. A mutual valuation process is under way which is designed to establish the property's market value, Hansteen said.
The company added that in the short term the company plans to use the initial proceeds to reduce the balance on its revolving debt facility.