St Modwen Properties has sold Cannock shopping centre to Guardian Assurance for £13.3m.
The sale came as the company reported pretax profits for the six months to May 31 up to £6.6m from £6.5m last time. Net asset value per share rose 20% to 71.5p.
The group has sold developments in Luton, Nottingham and Uttoxeter. Rental income rose 17% to £19.2m.
Stanley Clarke, chairman, said the company’s forward development programme remained strong with building progressing on prelet or presold schemes in Derby, Redditch and Stoke.
Financial Times 22/07/98 page 28
