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LONDON-Lafarge, the French building materials giant that owns brick manufacturer Redland and cement manufacturer Blue Circle in the UK, has sold 19 brownfield sites for £11 million ($15.5 million) to Lands Improvement Holdings PLC, a subsidiary of Clerical Medical Investment Group.

The sites, located across England, have been acquired for their planning potential for residential or for mixed use redevelopments, and the deal includes complex overage arrangements allowing Lafarge to share in any uplift in value when planning permission is granted.

Martin Silverman, Partner at solicitors IBB said: ‘This type of deal is a fast developing area for clients and property lawyers alike. Apart from the environmental issues and risks, the interests of both parties had to be balanced in the “overage” negotiations.’ Freshfields Bruckhaus Deringer advised Lafarge.

Lands Improvement’s agents were FPD Savills and Lafarge were advised by David Turner.

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