St. Modwen Properties PLC, the regeneration based property company, is pleased to announce that, through its 50% owned subsidiary Key Property Investments Limited, it has agreed to acquire a portfolio of properties from Marconi plc for £33m.
The portfolio consists of six industrial estates, three office properties and two sports grounds which provide short to medium-term income of £3.5m per annum gross with longer-term redevelopment opportunities.
Funding for the acquisition was provided by Bank of Scotland in Birmingham.
Andrew Whelan, Corporate Director – Midlands of Bank of Scotland said:
“The Bank is delighted to be able to assist St. Modwen with this significant property acquisition.” Anthony Glossop, Deputy Chairman and Chief Executive of St. Modwen commented:
“We are very pleased to have acquired this portfolio – the sites are all well situated in the North West, Midlands and South East which are our traditional areas of activity and will further strengthen our landbank of future opportunities.”