Commitment to the UK regions is “paying off” for regeneration specialist St Modwen, chief executive Bill Oliver said in a trading update this morning.
An uptick in occupier demand and capital values outside London, combined with a strong residential market in London and the South East should help St Modwen to deliver “record” full-year results.
In addition to the £2bn New Covent Garden Market project, St Modwen has a number of regional developments under way, including the Swansea University’s 1m sq ft Bay Campus and the 150,000 sq ft Marks & Spencer store at Longbridge, Birmingham.
Oliver said the company is in a “strong position” financially, with £200m of undrawn facilities.
