St Modwen keeps in line

St. Modwen Properties has reported rental income, trading profits and cashflows continuing to perform in line with expectations since its March interim management statement. It said its strategy of continuing to add value to its portfolio of developable land by progressing sites through the planning process and delivering long-term value creation had proved particularly successful in recent months, notably for its residential land portfolio.

The company said it expected results for the half year and net asset value increases to be at the top end of management expectations, and ahead of consensus forecasts. St Modwen has now exchanged contracts for the pre-sale of an 85,000 sq ft Sainsbury’s foodstore in Longbridge, Birmingham, an 85,000 sq ft Tesco’s foodstore in Hednesford, Staffordshire, and a Travelodge hotel in Edmonton, London.

Construction will begin on the three projects during the second half of this financial year.
St Modwen has also started building a 25,000 sq ft casino in Birchley, West Midlands, and 27,000 sq ft of office facilities for Viridor in Taunton, Somerset.