St. Modwen sells student accommodation for £38m
Date of issue: 2 December 2019
St. Modwen Properties PLC
("St. Modwen" or the "Company")
St. Modwen sells latest Swansea student accommodation for £38m
St. Modwen has completed on the sale of its interests in a purpose-built student accommodation building at Swansea University Bay Campus for a total consideration of £38m. The 411-bedroom accommodation was sold to University Partnerships Programme (UPP Group Limited, "UPP"), a leading provider of on-campus residential and academic accommodation infrastructure.
Following completion of the building, the accommodation has been occupied by student residents since January 2019. The planned disposal marks the latest milestone in the delivery of the Swansea University Bay Campus as part of St. Modwen's wider regeneration of the former industrial area into modern academic, residential and recreational space. It follows the disposal of a first phase of student accommodation, totalling 2005 rooms, to UPP in February 2018.
Guy Gusterson, Managing Director of Strategic Land & Regeneration at St. Modwen, said: "This latest success marks an important milestone for our regeneration of the Bay Campus and wider area, delivers a good return for the Group and releases further capital to recycle into future developments. We are extremely proud of our valued relationship with Swansea University and what we have delivered together, and we remain keen to support and progress new developments to further enhance this region."
For further information, please contact:
St. Modwen Properties PLC
Mark Allan, Chief Executive
Tom Gough, Head of External Communications and Stakeholder Relations
0121 222 9400
020 3727 1000
Notes to Editors:
St. Modwen is an expert developer with over 30 years of property and regeneration expertise, operating across three dedicated business units in the UK: St. Modwen Homes, St. Modwen Industrial & Logistics, and Strategic Land and Regeneration, all of which are aligned to structural growth trends. A constituent of the FTSE250, the company is active across England and South Wales, with a national portfolio totalling £1.47bn.
Across our three business units, our highly-skilled people safeguard our principles of delivering high-quality, sustainable developments as a positive legacy for businesses and communities for years to come. We are focussed on delivering value for our customers, partners and shareholders - operating with our purpose of 'Changing Places. Creating better Futures.' throughout everything with do.
St. Modwen Homes builds contemporary new homes across the UK, is sales active on 25 schemes and is expected to deliver over 1,000 new homes during 2019.
St. Modwen Industrial & Logistics has a committed pipeline of 1.6m sq ft of high-quality logistics and industrial space and draws on a total longer-term pipeline of over 15m sq ft of which 60% has planning. Customers include leading logistics, e-commerce and manufacturing firms.
Our Strategic Land and Regeneration business focuses on promoting and master developing sites, including releasing land for house-building and commercial use, as well as delivering transformational regeneration projects such as New Covent Garden Market, London; the £1bn transformation of Longbridge, Birmingham; and the on-going development of the £450 million Bay Campus for Swansea University.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
Quick facts: St. Modwen Properties
Market Cap: £1.1 billion
NO INVESTMENT ADVICE
The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...FOR OUR FULL DISCLAIMER CLICK HERE