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ST. MODWEN’S MIDLANDS TEAM SCOOPS PRESTIGIOUS INDUSTRY AWARD

St. Modwen, the UK’s leading regeneration specialist, has been awarded the top prize of “Developer of the Year” at Property Week’s 2009 Midlands Property Awards.

The company secured the award after a panel of property experts voted it as the clear winner above a list of prestigious competitors including Hammerson, Argent and Ballymore.

Bill Oliver, Chief Executive, St. Modwen says:

“To win this award is a testament to the hard work of the team, our partners and suppliers who have worked closely together to ensure that progress continues to be made across our key projects in the region, in spite of the challenging marketplace.

“Right across the UK, St. Modwen remains very active in the property and regeneration marketplace. In the Midlands alone, the team has over 1,500 acres of land on which it owns a number of managed estates that underpin the business and provide a secure and strong income stream. Furthermore, the Midlands team is currently progressing over 30 regeneration sites across the region and has over £1 million of potential annual rent in solicitors’ hands.”

In June this year, St Modwen announced the successful completion of a share issue to raise gross proceeds of £107.4 million – instantly strengthening the company’s balance sheet and creating more headroom to take advantage of the current marketplace by acquiring well priced assets and continuing to develop long term schemes.