Property developer St Modwen has raised £49m from a share placing to fund building costs on the New Covent Garden Market regeneration scheme in London.
St Modwen is in joint venture with Vinci to deliver the new 550,000 sq ft market, 2,300 homes and new commercial buildings, shops and community facilities.
Under the terms of the deal in return for building the new market facilities, 20 acres of surplus land, including the Northern Site, will be released.
The scheme is part of a £2 billion Covent Garden regeneration project. The new market is expected to cost between £150m and £200m to build, equivalent to around £40m a year from 2015.