Carlyle Loses Out On $3B London Market Redevelopment

Law360, New York (March 27, 2012, 2:23 PM EDT) -- Beating out a rival bid from a team including private equity giant The Carlyle Group, a U.K. real estate developer and French construction firm have snagged a £2 billion ($3.2 billion) contract to redevelop London's New Covent Garden Market and build 2,800 new homes nearby, the companies announced Tuesday.

A joint venture of St. Modwen Properties PLC and construction firm Vinci PLC was awarded the deal by the Covent Garden Market Authority after a two-year competition. The news came after a roughly two-year competition involving bidders...
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