St Modwen Sells Swansea Student Accomodation For GBP38 Million

(Alliance News) - St Modwen Properties PLC said Monday it has sold a student accommodation ...

Alliance News 2 December, 2019 | 8:57AM
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(Alliance News) - St Modwen Properties PLC said Monday it has sold a student accommodation building in Swansea University Bay Campus in Wales for GBP38 million.

The 411-bedroom building was sold to UPP Group Holdings Ltd, trading as University Partnerships Programme, which provides on-campus residential and academic accommodation infrastructure.

In February 2018, ther FTSE 250 property developer had sold its 45-year leasehold interest in a student accommodation totalling 2,005 rooms, also at Swansea University Bay Campus to UPP for GBP87.3 million.

"This latest success marks an important milestone for our regeneration of the Bay Campus and wider area, delivers a good return for the group and releases further capital to recycle into future developments. We are extremely proud of our valued relationship with Swansea University and what we have delivered together, and we remain keen to support and progress new developments to further enhance this region," said Guy Gusterson, managing director of Strategic Land & Regeneration.

Shares in St Modwen Properties - which is headquartered in Birmingham - were down 0.4% at 455.00 pence on Monday in London.

By Dayo Laniyan; dayolaniyan@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
St Modwen Properties PLC 341.50 GBX 1.79 -

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