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St Modwen buys three Invensys sites in Yorkshire

St Modwen Ventures Ltd, a subsidiary of St Modwen Properties PLC, has acquired for £8.5 million from Invensys three industrial sites in Yorkshire, totalling 48 acres with some one million sq ft of existing buildings.

The sites are at Guiseley (256,000 sq ft on 20 acres), Huddersfield (543,000 sq ft on 16 acres) and Doncaster (196,000 sq ft on 12 acres). All the sites are subject to short term leasebacks to Invensys, though the actual occupiers may be former Invensys operations now owned by third parties.The total annual income is £974,000. All the sites have development potential.

Richard Froggatt, Executive Director of St Modwen Properties, said: “This is a further example of St Modwen working with industry to assist in its reorganisation and consolidation. It follows in the footsteps of transactions with Corus, Marconi, MG Rover, Scottish & Newcastle and others.

“The deal was exchanged within 14 days with completion reached in a further three days, complying with Invensys timescale for disposal. It demonstrates St Modwen’s commitment to working with corporate bodies to realise the economic and development potential of large sites.”

For further information contact Richard Froggatt of St Modwen on 0121-456-2800. Issued by Paul Raymer of Howle Chapman Raymer (0121-236-7771).