British property firm St Modwen Properties Plc said on Tuesday it had signed a £42.5 million ($US76.8 million) sale and leaseback deal with carmaker MG Rover for the car firm’s Longbridge site, Reuters reported.
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MG Rover reportedly said it would use funds raised from the deal for its core business activities.
“This deal generates cash for our cars business today and allows us to continue to invest in the car company’s many product development activities,” MG Rover CEO Kevin Howe said in a statement cited by the news agency.
