Utility company Severn Trent has offloaded another part of its business after agreeing to sell more than 500 acres of development land.
The Birmingham-based company's latest move involved the disposal of Severn Trent Property in a deal worth £71.7 million.
Severn, which last month demerged waste division Biffa and also sold its US-based analytical environmental testing business, said it expected to book £35 million of profit from the agreement with Prologis Development.
Severn Trent Property comprises around 500 acres of land in distribution and logistic hubs around the Midlands.
The business was originally established to maximise the value of land falling operationally redundant within Severn Trent Water.
Group chief executive Colin Matthews said: "The transaction announced today is in line with our stated intention to focus on water."
Severn Trent has a stock market value of more than £3 billion and serves eight million customers in three million households and businesses from mid-Wales and the Bristol Channel to the Humber Estuary on the east coast.
Shares were marginally ahead following the announcement.
Copyright (c) Press Association Ltd 2006, All Rights Reserved.
