Housebuilder Crest Nicholson is to pocket £45m in cash after selling its share of film studio Longcross Studios to its joint venture partner in the surrounding development.

Crest Nicholson said the deal with Aviva, with which it is in a 50/50 joint venture for the proposed garden village development surrounding the studio, will add £10m to its adjusted pre-tax profit in the current financial year, and yield £45m in cash.

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