6 Feb 2018 07:00
Date of issue: 6 February 2018
ST. MODWEN PROPERTIES PLC
("St. Modwen" or "the Company")
ST. MODWEN RECEIVES £16.1 MILLION FOLLOWING SALE OF FINAL
MILL HILL PHASE
St. Modwen announces that, following the completion of the sale of 11.88 acres of serviced residential land in Mill Hill, North London, by The Inglis Consortium, the Company's share of net proceeds is £16.1 million.
The sale represents the last phase of the total transformation of the former Inglis Barracks in Mill Hill into a new sustainable community. Millbrook Park has an overall outline planning consent for 2,240 new homes as well as a primary school, local shops, a district energy centre and some 14.8 acres of open spaces including six acres of public parks. St. Modwen was part of a consortium delivering this major regeneration project.
Mark Allan, Chief Executive of St. Modwen, commented: "The successful disposal of this final phase is a key milestone for St. Modwen; it reduces our holdings in residential land in London and is in line with our strategy to further reduce our land assets. We will continue to reinvest disposal proceeds with a clear focus on sectors with long-term structural growth characteristics."
St. Modwen Properties PLC
Mark Allan, Chief Executive Tel: 0121 222 9400
Rob Hudson, Chief Financial Officer www.stmodwen.co.uk
Kathryn Edwards, Interim Head of Corporate Communications
FTI Consulting
Dido Laurimore Tel: 020 3727 1000
Tom Gough stmodwen@fticonsulting.com
Ellie Sweeney
LEI: 213800WMV4WVES8TQH05
Notes to editors:
The Inglis Consortium is a partnership between St. Modwen, VINCI plc, Annington Property, and the London Borough of Barnet.
Project MoDEL
Millbrook Park, Mill Hill is part of the Ministry of Defence's 'Project MoDEL'. VINCI St. Modwen (VSM), a 50/50 joint venture between St. Modwen and its partner VINCI PLC, was appointed by the MoD in 2006 for Project MoDEL, which saw existing London-based MoD units from six former RAF sites relocated to an integrated site at RAF Northolt. The six sites were then freed up for development for residential, commercial and community uses. VSM was charged with securing planning consent for developing the six disposal sites and delivering new facilities at RAF Northolt. Subsequently, VSM sold four of these sites and retained two for development: RAF Uxbridge (St. Andrew's Park) and Inglis Barracks (Millbrook Park).
St. Modwen Properties PLC
St. Modwen operates across the full spectrum of the property industry from a network of three regions, a residential business and through joint ventures with public sector and industry leading partners.
The Company has an outstanding 30-year track record of adding value by managing schemes through the planning process, remediating brownfield land and active asset management and development.
With extensive experience in dealing with complex and challenging sites, St. Modwen is focused on the long-term development of commercial property and residential land.
St. Modwen's extensive national portfolio includes; the regeneration of New Covent Garden Market, London; the transformation of Longbridge, Birmingham and the on-going regeneration of over 2,500 acres of former industrial land in South Wales which includes the delivery of Swansea University's £450m Bay Campus.