St. Modwen Properties PLC St. Modwen sells student accommodation for £38m (2122V)
02 December 2019 - 6:00PM
UK Regulatory
TIDMSMP
RNS Number : 2122V
St. Modwen Properties PLC
02 December 2019
Date of issue: 2 December 2019
LEI: 213800WMV4WVES8TQH05
St. Modwen Properties PLC
("St. Modwen" or the "Company")
St. Modwen sells latest Swansea student accommodation for
GBP38m
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 GBP38m. 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 www.stmodwen.co.uk
Mark Allan, Chief Executive
Tom Gough, Head of External Communications
and Stakeholder Relations 0121 222 9400
FTI Consulting
Dido Laurimore
Ellie Sweeney 020 3727 1000
Notes to Editors:
St. Modwen
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 GBP1.47bn.
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 GBP1bn transformation of Longbridge,
Birmingham; and the on-going development of the GBP450 million Bay
Campus for Swansea University.
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END
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