NGG - National Grid sells stake in St. William Homes JV to Berkeley in £412M deal

National Grid (NYSE:NGG) +2.7% pre-market after Berkeley Group Holdings (OTCPK:BKGFY) agrees to acquire the outstanding 50% interest in the St. William Homes joint venture for £412.5M ($536.3M). The St. William JV was formed in 2014 as an equal partnership to create mixed-use residential developments through the conversion of former gasworks sites in London that National Grid no longer required. National Grid says the two companies also entered into a series of sale and purchase agreements for a number of additional sites owned by National Grid for a total of ~£270M, plus £230M in deferred consideration for sites previously sold to St. William. National Grid's U.S. exposure offers some insulation from RIIO changes, Valkyrie Trading Society says in an analysis published on Seeking Alpha.

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National Grid sells stake in St. William Homes JV to Berkeley in £412M deal