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St Modwen seeks JV for £500m Elephant and Castle regeneration

Regeneration specialist St Modwen has appointed Colliers International to help it identify a joint venture partner for its £500m Elephant and Castle development.

In a trading update for the financial year to 30 November, the firm confirmed that it was working up a planning submission for late 2013, with a view to starting work in late 2015.

The development is expected to provide 350,000 sq ft of retail and leisure space, and 1,000 new homes.

St Modwen added that its residential business was “moving from strength to strength” on the back of good sales rates and ongoing demand for land, and that its first full year of housebuilding was “very successful.”

The firm said negotiations “continue to progress well” on the New Covent Garden Market project, and that it aims to be awarded the contract before the year’s end.

St Modwen is working with Vinci in a joint venture partnership on theproject.

St Modwen chief executive Bill Oliver said: “Our robust business model and our practical, hands-on approach to development and asset management have enabled us to perform consistently well throughout the year and build on the strong results produced in 2011.

“We view the positive reaction to the retail bond as a clear endorsement of the attractions of our track record, our ability to generate development gains and our income producing portfolio, and are confident that we are well placed to continue our strong performance to the benefit of all our investors.”

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