Residential performs for St Modwen


Residential is continuing to perform well for regeneration specialist St Modwen Properties.



The group this morning said that profits and cashflows since the announcement of its 2011 annual results in February were in line with expectations and that  it was seeing continued progress in its residential business.



The group, which last month was selected as the preferred partner to bring forward the £2bn regeneration of New Covent Garden Market in Nine Elms, SW8, said that profits from residential business were in line with expectations and that it was seeing evidence of some uplift in values.



Chief executive Bill Oliver said: “During the year to date, St Modwen has continued to perform well, in spite of the ongoing challenges in the economic environment.



“Our residential portfolio is performing strongly and we anticipate that this will continue, with excellent potential for value creation in this area, particularly through our partnerships with the public sector.”



He added: “While there will undoubtedly be challenges in the secondary property market, we remain confident in our proven business model and in our ability to add value to our portfolio through active asset management.”