St Modwen hunts for a partner on Elephant and Castle scheme

Kasmira Jefford
Follow Kasmira
ST MODWEN yesterday confirmed it was searching for a development partner for the £500m Elephant and Castle shopping centre regeneration in south London.

In a trading update for the year to 30 November, the developer said it has hired Colliers International to find a joint venture partner for the scheme, which is expected to provide up to 350,000 square feet of retail and leisure space and 1,000 new homes.
It expects to submit plans late next year and hopes to start building in late 2015.

St Modwen, which is working on a number of major development projects, said it is also on track to seal its £2bn contract for the New Covent Garden regeneration project in Nine Elms, where it is preferred bidder with Vinci, by the end of the year.

The FTSE 250 firm, which in October raised £80m through a retail bond issue, said it was on track to meet full year expectations and that negative valuations at the end of the year in its retail portfolio would be “more than offset” by value created elsewhere in its portfolio.