St Modwen has sold three retail assets in Doncaster, Crosby and Kirkby in three separate deals for a combined £34m.
The trio made up just over half the company’s remaining non-core retail portfolio at May 2019.
St Modwen’s remaining non-core retail assets now make up just 2% of its portfolio.
The aggregate price represents a discount of 9% compared to the May 2019 book value.
It follows non-core retail sales of £177m during 2018, at an average discount to book value of less than 1%.
Mark Allan, chief executive of St Modwen, said: “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.”
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