St Modwen ups asset value by nine per cent

Kasmira Jefford
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ST MODWEN said yesterday it has agreed terms with Swansea University to develop the first £150m phase of its New Science and Innovation Campus as it revealed a rise in full year profits.

The property developer said the first phase of the £300m scheme will consist of 700,000 square feet of development including 430,000 sq ft of academic space, 899 student flats and retail space. It plans to start on site in April.

The agreement marks St Modwen’s second major deal of the year after signing a contract for the £2bn regeneration of New Covent Garden market last month.

Reporting its results for the year to 30 November, St Modwen said its EPRA net asset value – a key industry measure – rose nine per cent to 272p per share.

The company, which saw its share price rise more than 100 per cent last year, said trading profits increased by 12 per cent to £25m.

Asset management and planning consents across the portfolio helped drive valuation gains of £48m – particularly in the south east of England – and offset a £20m market driven valuation loss.

“This has been another successful year during which we have achieved some significant milestones across our portfolio,” Bill Oliver, chief executive said.

“These achievements underline our growing presence in the London and the south east market while also proving that there are still opportunities in the regions for well-placed and well- priced product,” he said.