220 DEALS IN 2009 FOR ST. MODWEN IN LONDON AND THE SOUTH EAST

St. Modwen, the UK’s leading regeneration specialist, has reported a solid performance in London and the South East in 2009 with over 160 asset management transactions completed in the region. The figures, together with asset sales totalling £16m, demonstrate that there is still tenant and investor demand in the region’s commercial property market despite the recession.

The transactions stem from a range of sources including 94 new lettings to retail occupiers such as Clarks at Elephant & Castle Shopping Centre, Blue Inc in Basingstoke and Poundland in Farnborough. The appeal of the St. Modwen portfolio was confirmed by a number of industrial tenants taking increased space including Littlehampton Book Services. The book distributor signed a lease for 107,345 sq ft of warehousing space at South Ockendon, Essex, in January and recently took a further 89,000 sq ft.

At its Eastleigh Works site, St. Modwen signed deals with new tenants Knights Rail Services and Arlington Fleet Services while at its business park at Woodingdean near Brighton, St. Modwen secured its first and second lettings with the Brighton & Hove Training Association (BHTA) and independent children and parenting advisory body, Triangle.

St. Modwen’s SE Region disposals in 2009 included, amongst others, the sale of both the Tesco and Travelodge investments in the town centre landholdings at Catford and Farnborough, demonstrating that well- let stock continues to remain attractive to investors even in difficult times.

Tim Seddon, regional director, St. Modwen London and South East comments: “Setting the company apart from many of its competitors, St. Modwen owns a very diverse property portfolio from which it receives a rental income from over 1,600 tenants annually across the UK. The London and South East office has benefitted from this broad asset base and through our highly active asset management programme, we have been very successful in securing enhanced rental income from our portfolio over the course of the last year.”

The SE team at St. Modwen has also concluded 50 lease renewals during this period about which Tim Seddon commented: “Even in this tough and challenging economic climate, existing tenants have recognised the benefits of our well-located buildings and flexible terms and we have been delighted to secure their continued occupation.”