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St Modwen has celebrated another milestone in the £83 million redevelopment of Farnborough Town Centre with a ‘Topping Out’ ceremony to mark the structural completion of the new 77-bed Travelodge Hotel, which will form a key component of the first phase of development.

The 3-storey hotel will front Victoria Road and sits adjacent to the new 62,000 sq ft Sainsbury’s anchor store, which will be opening for business at the end of 2009..

Tim Seddon, Regional Director at St Modwen, said: “Farnborough town centre is one of only a handful of retail development schemes due to come on stream during this period and, with a potential catchment opportunity of 194,000 residents, the newly revitalised centre will draw people and businesses back to the area and provide a real boost to the regional economy. The Travelodge is an integral element of this wider regeneration, and will do much to underpin the future success of the town.”

Kevin Brush, Managing Director of Rok in the South East, said: “The topping out marks an important milestone in the scheduling of the redevelopment programme, and sees us moving quickly towards completion of the first phase. Excellent progress has been made to date and this tangible evidence of the town centre concept rapidly becoming a reality helps to give a real boost to ongoing construction activity.”

Notes to Editors:

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 focused upon regeneration with expertise in brownfield land renewal, partnering with industry, town centre regeneration, Innovation Centres and education projects.

The redevelopment of Farnborough town centre is being undertaken by Key Property Investments (KPI), a 50:50 joint venture between St Modwen Properties PLC and Salhia Real Estate Company.