New five-year management deal for the £1bn Winchburgh develpment in West Lothian
Asset management firm Sigma Capital has secured a £1.8 million, five-year management contract with Regenco Trading for its £1 billion Winchburgh development in West Lothian.
Sigma's property division has been working with Regenco since 2010, managing the planning and commercial negotiations with West Lothian Council on behalf of Regenco.
The Winchburgh development plan includes 3,450 homes, town centre community facilities, retail and commercial space and transport connections.
Edinburgh-based Sigma said planning permission in principle is expected to be granted by the council next month and it has already secured contracts with Barratt Homes and Miller Homes for the development of the first residential phase comprising 180 new homes.
Work on site is anticipated to start in late summer.
Graham Barnet, chief executive of Sigma, said: "The Winchburgh development represents a significant housing and infrastructure project for Scotland, worth over £1 billion in total.
“Having successfully handled the planning and commercial negotiations, we are delighted to have signed the management contract for the first stage of the project implementation phase.
“The new contract will strengthen our recurring income and also offers additional opportunities for further revenue from performance-related payments.
“We look forward to working together with all parties as we move the project from the planning phase to realisation.”
AIM-listed Sigma has undergone an extensive restructuring in the past year to focus primarily on regeneration related activities.