Stefan Bernstein explains how the EU/Greenland critical raw materials partnership benefits GreenRoc. Watch the full video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksSMP.L Regulatory News (SMP)

  • There is currently no data for SMP

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Disposal of non-core retail assets for £34m

28 Nov 2019 07:00

RNS Number : 9135U
St. Modwen Properties PLC
28 November 2019
 

Date of issue: 28 November 2019

LEI: 213800WMV4WVES8TQH05

 

 

St. Modwen Properties PLC

("St. Modwen" or the "Company")

 

St. Modwen sells half of remaining non-core retail assets for £34m

St. Modwen has completed the sale of three retail assets in Doncaster, Crosby and Kirkby for a combined consideration of £34m, representing just over half of the company's remaining non-core retail portfolio as at May 2019.

The assets were sold via three separate transactions. The aggregate consideration of £34m represents a discount of 9% compared to the May 2019 book value of the three assets.

These disposals follow the sale of £177m of non-core retail assets during 2018 at an average discount to book value of less than 1%. As a result, St. Modwen's residual non-core retail assets now account for only 2% of its portfolio, down from 16% at the start of 2018.

Mark Allan, CEO of St. Modwen, commented: "Continuing our targeted approach to capital recycling, proceeds from these latest non-core disposals will be reinvested into our substantial industrial and logistics pipeline, which could deliver over 15m sq ft of new space over time. With a yield on cost of c. 8% and a yield on incremental capex of c. 9%, delivery of this pipeline is expected to drive meaningful development upside and significant growth in income."

 

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 £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 rns@lseg.com or visit www.rns.com.
 
END
 
 
DISEAPFXALENFFF
Date   Source Headline
6th Aug 20213:30 pmRNSForm 8.3 - SMP LN
6th Aug 20213:30 pmBUSForm 8.3 - ST. MODWEN PROPERTIES PLC
6th Aug 20213:20 pmRNSForm 8.3 - St. Modwen Properties plc
6th Aug 20212:55 pmEQSForm 8.3 - Tibra Trading PTY Limited: ST. MODWEN PROPERTIES PLC
6th Aug 20211:03 pmBUSForm 8.3 - ST MODWEN PROPERTIES PLC
6th Aug 202111:43 amRNSForm 8.5 (EPT/NON-RI)-St. Modwen Properties plc
6th Aug 202111:42 amRNSForm 8.5 (EPT/RI) - St. Modwen Properties plc
6th Aug 202111:36 amRNSForm 8.5 (EPT/RI)-St. Modwen Properties plc
6th Aug 202110:32 amRNSScheme of arrangement becomes effective
6th Aug 202110:00 amRNSHolding(s) in Company
6th Aug 20219:30 amRNSDirector/PDMR Shareholding
6th Aug 20217:42 amBUSForm 8.3 - ST MODWEN PROPERTIES PLC - 20210707 - AMENDED
6th Aug 20217:41 amBUSForm 8.3 - Form-8.3 - ST MODWEN PROPERTIES PLC - 20210706 - AMENDED
5th Aug 20214:30 pmRNSHolding(s) in Company
5th Aug 20213:30 pmRNSForm 8.3 - SMP LN
5th Aug 20213:30 pmBUSForm 8.3 - St. Modwen Properties plc
5th Aug 20213:25 pmRNSForm 8.3 - ST MODWEN PROPERTIES PLC
5th Aug 20213:20 pmRNSForm 8.3 - St. Modwen Properties plc
5th Aug 20212:04 pmEQSForm 8.3 - The Vanguard Group, Inc.: St. Modwen Properties plc
5th Aug 202112:08 pmBUSForm 8.3 - ST MODWEN PROPERTIES PLC
5th Aug 202111:32 amRNSForm 8.5 (EPT/RI)- St. Modwen Properties plc
5th Aug 202111:17 amRNSForm 8 (DD) - St. Modwen Properties PLC
5th Aug 202111:17 amRNSHolding(s) in Company
5th Aug 202110:41 amRNSForm 8.3 - [ST.MODWEN PROPERTIES PLC]
5th Aug 20219:17 amRNSForm 8.5 (EPT/RI) - St. Modwen Properties plc
4th Aug 20213:44 pmRNSRule 2.9 Announcement
4th Aug 20213:30 pmRNSForm 8.3 - SMP LN
4th Aug 20213:30 pmBUSForm 8.3 - St. Modwen Properties plc
4th Aug 20213:25 pmRNSForm 8.3 - ST MODWEN PROPERTIES PLC
4th Aug 20212:09 pmEQSForm 8.3 - The Vanguard Group, Inc.: St. Modwen Properties plc
4th Aug 20211:22 pmBUSForm 8.3 - ST MODWEN PROPERTIES PLC
4th Aug 202111:56 amRNSForm 8.5 (EPT/NON-RI)-Modwen Properties plc
4th Aug 202111:55 amRNSForm 8.5 (EPT/RI)- St. Modwen Properties plc
4th Aug 202111:43 amRNSCourt Sanction of Scheme of Arrangement
4th Aug 202111:40 amGNWDimensional Fund Advisors Ltd. : Form 8.3 - ST. MODWEN PROPERTIES PLC - Ordinary Shares
4th Aug 202111:40 amRNSForm 8.3 - St. Modwen Properties plc
4th Aug 20219:59 amRNSForm 8.5 (EPT/RI) - St Modwen Properties Plc
4th Aug 20218:23 amRNSForm 8.3 - St Modwen Properties Plc
3rd Aug 20216:00 pmRNSSt. Modwen Properies
3rd Aug 20213:30 pmRNSForm 8.3 - SMP LN
3rd Aug 20213:25 pmRNSForm 8.3 - ST MODWEN PROPERTIES PLC
3rd Aug 20213:20 pmRNSForm 8.3 - St. Modwen Properties plc
3rd Aug 20211:49 pmEQSForm 8.3 - The Vanguard Group, Inc.: St. Modwen Properties plc
3rd Aug 20211:49 pmBUSForm 8.3 - ST MODWEN PROPERTIES PLC
3rd Aug 202111:48 amRNSForm 8.3 - St. Modwen Properties plc
3rd Aug 202111:09 amRNSForm 8.5 (EPT/RI)- St. Modwen Properties plc
3rd Aug 202110:58 amGNWDimensional Fund Advisors Ltd. : Form 8.3 - ST. MODWEN PROPERTIES PLC - Ordinary Shares
3rd Aug 202110:00 amRNSForm 8.3 - St. Modwen Properties plc
3rd Aug 20218:38 amRNSForm 8.5 (EPT/RI)- St. Modwen Properties plc
2nd Aug 20213:30 pmBUSForm 8.3 - St. Modwen Properties plc

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.