ST. MODWEN SIGNS DEVELOPMENT AGREEMENT WITH DEVON COUNTY COUNCIL ON £210 MILLION SKYPARK SCHEME

St. Modwen, the UK’s leading regeneration specialist, has signed the partnership agreement with Devon County Council to develop the £210million Skypark scheme in Exeter.

Devon County Council appointed St. Modwen as the preferred Joint Venture Partner and developer of Skypark in February and the signing of the agreement and creation of the new Skypark Development Partnership Company, means that the transformation of this 110 acre site will now progress.

The site, situated to the North of Exeter International Airport, is set to create circa 7,500 jobs when completed, making it the most significant employment site in the South West Peninsula.

St. Modwen and Devon County Council will now progress work on the development of some 1.4 million sq ft of office and industrial/manufacturing space, ancillary retail developments and a hotel on site, by working up detailed designs for the 20-year regeneration scheme.

The Council selected St. Modwen as preferred development partner due to its strong environmental credentials and shared vision of transforming the site into an exemplar and long-term sustainable business park.

The project is set to become a model of sustainable development as the Skypark proposals are designed to ensure the development will result in overall CO2 emissions being reduced by at least a third. Other specific sustainable measures will include Office and Industrial Buildings constructed to the recognised high environmental BREEAM Excellent Standard, and all water on-site will be treated via a ‘Sustainable Urban Drainage System’.

Ian Guy, senior development manager, St. Modwen comments:

“We’re committed to developing the site into an exemplar sustainable environment for business. We know this strategic site will not only provide the much needed new employment space for the future of the Exeter Area, but it is also one of the most important commercial sites in the region. We believe Skypark can become the economic engine room for the whole of Devon and the wider South West peninsula.

“Initially, we will take the necessary steps to prepare the site for redevelopment and will be submitting the detailed designs to East Devon District Council that will outline our vision for Skypark. We are eager to bring forward the first phase of the development and envisage starting the first tranche of construction work in the latter half of 2010 or the beginning of 2011.”

Jo Damerell, a partner at Michelmores LLP and part of the specialist legal team advising St Modwen comments:

“We were delighted to support St Modwen in this development which will have a major impact on the local and regional economy and will act as a catalyst for economic recovery in the South West. In national terms, it will act as a model for economic regeneration and sustainable construction.”

Councillor Humphrey Temperley, Devon County Council’s Executive Member with responsibility for Economic Development comments:

“Skypark has been an idea that has been around for over 20 years. I am delighted to be leading the team that will actually deliver it on the ground in this long term partnership with St Modwen. They share our vision that Skypark will be a top quality, enviromental friendly and exemplary development which will help deliver the economic recovery of the Exeter area.”

St Modwen is represented by Michelmores and King Sturge and legal practice Pinsent Masons is advising Devon County Council.

-ENDS-

Notes to Editors:

St. Modwen Properties plc

St. Modwen is the UK’s leading regeneration specialist, operating across the full spectrum of the property industry through a network of seven regional offices and a Birmingham based head office. The company is wholly focussed upon regeneration with expertise in town centre regeneration, partnering industry, brownfield land renewal and heritage restoration.

For further information about St. Modwen, please contact:

Charlotte McCarthy

PR Manager

St. Modwen

T: 0121 222 9400

E: cmccarthy@stmodwen.co.uk

Gwyn Moore / Catrin Millar / Lisa Hocken

Equinox PR

T: 02920 764100

E: stmodwen@equinox-pr.co.uk