St Modwen updates on progress
St Modwen Properties is now focusing on development profits for 2013 and beyond, after making progress on its current commercial land and development projects to the point where its pipeline is secure for 2012 “and expected to deliver profits ahead of those achieved by the business in 2011”
Updating the market on current trading, the regeneration specialist said it was expecting to conclude a legal deal shortly on the regeneration of the Elephant & Castle shopping centre in London; it is also close to a deal with the London borough of Southwark and Lend Lease on the wider regeneration of the area. Meanwhile the company expects to secure approval for its development of Swansea University’s new science and innovation campus next year; talks with the London Markets Authority about the New Covent Garden Market scheme have made “good progress”; and planning has been submitted for the second phase of the Londbridge town centre development.
St Modwen said the rental stream from its residential portfolio and its major projects was growing strongly and its net rental income had continued to more than cover the running costs of the business. “Consequently, our profit outlook for the full year remains unchanged, building on the very strong results produced in the first half of 2012,” the company added.
