St Modwen’s disposal strategy delivers ‘solid’ results
Property group St Modwen has maintained profits in a year which has seen huge change throughout the business and uncertainty across its sector.
The Birmingham-based investor and developer has been implementing a strategy to reduce its exposure to retail and to refocus on growing its housebuilding volumes and industrial and logistics development activity.
St Modwen sold over half of its retail portfolio during the year, generating £177m by agreeing deals that averaged less than 1% below book value.
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