Proactiveinvestors Australia St. Modwen Properties https://www.proactiveinvestors.com.au Proactiveinvestors Australia St. Modwen Properties RSS feed en Tue, 16 Jul 2019 08:21:40 +1000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[RNS press release - Director Declaration ]]> https://www.proactiveinvestors.com.au/companies/rns/339/LSE20190710071501_14142999/ Wed, 10 Jul 2019 16:15:01 +1000 https://www.proactiveinvestors.com.au/companies/rns/339/LSE20190710071501_14142999/ <![CDATA[RNS press release - Results for the half year ended 31 May 2019 ]]> https://www.proactiveinvestors.com.au/companies/rns/339/LSE20190702070006_14132384/ Tue, 02 Jul 2019 16:00:06 +1000 https://www.proactiveinvestors.com.au/companies/rns/339/LSE20190702070006_14132384/ <![CDATA[RNS press release - Holdings in Company ]]> https://www.proactiveinvestors.com.au/companies/rns/339/LSE20190618170001_14115617/ Wed, 19 Jun 2019 02:00:01 +1000 https://www.proactiveinvestors.com.au/companies/rns/339/LSE20190618170001_14115617/ <![CDATA[RNS press release - 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Director/PDMR Shareholding ]]> https://www.proactiveinvestors.com.au/companies/rns/339/LSE20190411141001_14038114/ Thu, 11 Apr 2019 23:10:01 +1000 https://www.proactiveinvestors.com.au/companies/rns/339/LSE20190411141001_14038114/ <![CDATA[RNS press release - Result of AGM ]]> https://www.proactiveinvestors.com.au/companies/rns/339/LSE20190329153002_14021988/ Sat, 30 Mar 2019 02:30:02 +1100 https://www.proactiveinvestors.com.au/companies/rns/339/LSE20190329153002_14021988/ <![CDATA[RNS press release - Director Declaration ]]> https://www.proactiveinvestors.com.au/companies/rns/339/LSE20190325073510_14013864/ Mon, 25 Mar 2019 18:35:10 +1100 https://www.proactiveinvestors.com.au/companies/rns/339/LSE20190325073510_14013864/ <![CDATA[RNS press release - Annual Financial Report ]]> https://www.proactiveinvestors.com.au/companies/rns/339/LSE20190226154051_13982509/ Wed, 27 Feb 2019 02:40:51 +1100 https://www.proactiveinvestors.com.au/companies/rns/339/LSE20190226154051_13982509/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.com.au/companies/rns/339/LSE20190221120004_13977419/ Thu, 21 Feb 2019 23:00:04 +1100 https://www.proactiveinvestors.com.au/companies/rns/339/LSE20190221120004_13977419/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.com.au/companies/rns/339/LSE20190213170002_13968560/ Thu, 14 Feb 2019 04:00:02 +1100 https://www.proactiveinvestors.com.au/companies/rns/339/LSE20190213170002_13968560/ <![CDATA[RNS press release - Final Results ]]> https://www.proactiveinvestors.com.au/companies/rns/339/LSE20190205070007_13957908/ Tue, 05 Feb 2019 18:00:07 +1100 https://www.proactiveinvestors.com.au/companies/rns/339/LSE20190205070007_13957908/ <![CDATA[RNS press release - Notice of Full Year Results ]]> https://www.proactiveinvestors.com.au/companies/rns/339/LSE20181219122056_13909870/ Wed, 19 Dec 2018 23:20:56 +1100 https://www.proactiveinvestors.com.au/companies/rns/339/LSE20181219122056_13909870/ <![CDATA[RNS press release - TRADING UPDATE: STRONG PROGRESS DURING 2018 ]]> https://www.proactiveinvestors.com.au/companies/rns/339/LSE20181204070012_13889913/ Tue, 04 Dec 2018 18:00:12 +1100 https://www.proactiveinvestors.com.au/companies/rns/339/LSE20181204070012_13889913/ <![CDATA[RNS press release - CONFIRMATION OF REDEMPTION OF RETAIL BONDS ]]> https://www.proactiveinvestors.com.au/companies/rns/339/LSE20181130070003_13886088/ Fri, 30 Nov 2018 18:00:03 +1100 https://www.proactiveinvestors.com.au/companies/rns/339/LSE20181130070003_13886088/ <![CDATA[RNS press release - RETAIL BOND REDEMPTION PRICE ]]> https://www.proactiveinvestors.com.au/companies/rns/339/LSE20181128115332_13883749/ Wed, 28 Nov 2018 22:53:32 +1100 https://www.proactiveinvestors.com.au/companies/rns/339/LSE20181128115332_13883749/ <![CDATA[RNS press release - SALE OF £82M OF RETAIL ASSETS 3% ABOVE BOOK VALUE ]]> https://www.proactiveinvestors.com.au/companies/rns/339/LSE20181115070001_13867479/ Thu, 15 Nov 2018 18:00:01 +1100 https://www.proactiveinvestors.com.au/companies/rns/339/LSE20181115070001_13867479/ <![CDATA[RNS press release - Directorate Change ]]> https://www.proactiveinvestors.com.au/companies/rns/339/LSE20181113090001_13864769/ Tue, 13 Nov 2018 20:00:01 +1100 https://www.proactiveinvestors.com.au/companies/rns/339/LSE20181113090001_13864769/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.com.au/companies/rns/339/LSE20181031090001_13849127/ Wed, 31 Oct 2018 20:00:01 +1100 https://www.proactiveinvestors.com.au/companies/rns/339/LSE20181031090001_13849127/ <![CDATA[RNS press release - ST. MODWEN AGREES £75M FACILITY WITH HOMES ENGLAND ]]> https://www.proactiveinvestors.com.au/companies/rns/339/LSE20181029172112_13846549/ Tue, 30 Oct 2018 04:21:12 +1100 https://www.proactiveinvestors.com.au/companies/rns/339/LSE20181029172112_13846549/ <![CDATA[RNS press release - NOTICE OF EARLY BOND REDEMPTION ]]> https://www.proactiveinvestors.com.au/companies/rns/339/LSE20181029070005_13845060/ Mon, 29 Oct 2018 18:00:05 +1100 https://www.proactiveinvestors.com.au/companies/rns/339/LSE20181029070005_13845060/ <![CDATA[RNS press release - Danuta Gray appointed Chair Designate ]]> https://www.proactiveinvestors.com.au/companies/rns/339/LSE20180917070008_13792283/ Mon, 17 Sep 2018 16:00:08 +1000 https://www.proactiveinvestors.com.au/companies/rns/339/LSE20180917070008_13792283/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.com.au/companies/rns/339/LSE20180814171501_13755419/ Wed, 15 Aug 2018 02:15:01 +1000 https://www.proactiveinvestors.com.au/companies/rns/339/LSE20180814171501_13755419/ <![CDATA[RNS press release - ST. MODWEN RELEASES £47M VIA SALE OF 34 ASSETS ]]> https://www.proactiveinvestors.com.au/companies/rns/339/LSE20180806070006_13744110/ Mon, 06 Aug 2018 16:00:06 +1000 https://www.proactiveinvestors.com.au/companies/rns/339/LSE20180806070006_13744110/ <![CDATA[RNS press release - Results for the half year ended 31 May 2018 ]]> https://www.proactiveinvestors.com.au/companies/rns/339/LSE20180703070006_13702697/ Tue, 03 Jul 2018 16:00:06 +1000 https://www.proactiveinvestors.com.au/companies/rns/339/LSE20180703070006_13702697/ <![CDATA[News - St Modwen says made good start to 2018 with full-year expectations unchanged though first-half profit slips ]]> https://www.proactiveinvestors.com.au/companies/news/200026/st-modwen-says-made-good-start-to-2018-with-full-year-expectations-unchanged-though-first-half-profit-slips-200026.html St Modwen Properties PLC (LON:SMP) said it has made a good start to 2018 and its expectations for the full year remain unchanged although it reported a fall in first-half profit.

For the half year ending 31 May 2018, the FTSE 250-listed property developer saw its revenue rise to £211.9mln, up from £151.4mln a year earlier, but pre-tax profit slipped to £25.9mln from £31.6mln.

READ: St. Modwen Properties agrees to sell over a quarter of portfolio

The group’s net asset value at the end of the first-half was 455.4p per share, up from 450.9p at the same stage last year.

Mark Allan, St Modwen’s chief executive commented: "We have had a good start to 2018. Our expectations for the full year remain unchanged and we are firmly focused on executing the new strategy we established a year ago.”

He added; “We have sold £635mln of assets since then, improving our portfolio mix and allowing us to reduce borrowings, whilst accelerating the delivery of our substantial industrial/logistics and regional housebuilding pipeline.

“Despite ongoing uncertainty in the external environment, structural growth drivers in both sectors remain positive, so we anticipate delivering a meaningful improvement in earnings and return on capital in the medium term."

Reflecting this confidence, the group proposed an interim dividend of 3.10p, up from 2.02p last year.

In early morning trading, St Modwen shares were 0.6% higher at 423.4p.

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Tue, 03 Jul 2018 09:05:00 +1000 https://www.proactiveinvestors.com.au/companies/news/200026/st-modwen-says-made-good-start-to-2018-with-full-year-expectations-unchanged-though-first-half-profit-slips-200026.html
<![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.com.au/companies/rns/339/LSE20180626123333_13694137/ Tue, 26 Jun 2018 21:33:33 +1000 https://www.proactiveinvestors.com.au/companies/rns/339/LSE20180626123333_13694137/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.com.au/companies/rns/339/LSE20180618155719_13684102/ Tue, 19 Jun 2018 00:57:19 +1000 https://www.proactiveinvestors.com.au/companies/rns/339/LSE20180618155719_13684102/ <![CDATA[RNS press release - Notice of Half Year Results ]]> https://www.proactiveinvestors.com.au/companies/rns/339/LSE20180612144238_13676676/ Tue, 12 Jun 2018 23:42:38 +1000 https://www.proactiveinvestors.com.au/companies/rns/339/LSE20180612144238_13676676/ <![CDATA[RNS press release - Trading update for the period ended 31 May 2018 ]]> https://www.proactiveinvestors.com.au/companies/rns/339/LSE20180605070002_13666497/ Tue, 05 Jun 2018 16:00:02 +1000 https://www.proactiveinvestors.com.au/companies/rns/339/LSE20180605070002_13666497/ <![CDATA[RNS press release - ST. MODWEN AGREES SALE OF 27% OF RETAIL PORTFOLIO ]]> https://www.proactiveinvestors.com.au/companies/rns/339/LSE20180509070008_13633736/ Wed, 09 May 2018 16:00:08 +1000 https://www.proactiveinvestors.com.au/companies/rns/339/LSE20180509070008_13633736/ <![CDATA[News - St. Modwen Properties agrees to sell over a quarter of portfolio ]]> https://www.proactiveinvestors.com.au/companies/news/196629/st-modwen-properties-agrees-to-sell-over-a-quarter-of-portfolio-196629.html St Modwen Properties PLC (LON:SMP) has agreed to sell 27% of its portfolio through the disposal of two retail assets in Birmingham and London in separate transactions.

The FTSE 250 real estate group said it had agreed to the disposal of the 220,000 square foot Longbridge Shopping Park in Birmingham to Columbia Threadneedle Investments for a cash consideration of £53.6mln, reflecting a 6% initial yield.

Selling off part of flagship Longbridge project

The Longbridge Shopping Park forms part of St Modwen’s £1bn flagship regeneration project in the area, a scheme that is currently 50% developed.

Separately, the company exchanged contracts for the disposal of Wembley Central in London, compromising of a 118,000 square foot shopping centre and an 86-bed Travelodge, but did not release the value of the transaction.

Mark Allan, St. Modwen’s chief executive, said: "These disposals are in line with our strategic objective to increase our portfolio focus on assets with better structural growth characteristics and our intention to sell £100-150 million of retail and small assets during 2018.

He added: “We plan to use the capital we release via these sales to bring forward future phases of Longbridge and accelerate the delivery of our 7.5 million sq ft near-term industrial/logistics development pipeline. We intend to retain the majority of the latter for the longer term, which with a yield on incremental capex of circa 9% will deliver a marked income pick-up relative to the average yield on these disposals."

Russ Mould, investment director at AJ Bell, commented: “The natural temptation is to put the weak British Retail Consortium sales figures together with St. Modwen’s decision to sell around a quarter of its retail property portfolio and come up with yet further gloomy headlines – but perhaps investors need to think a little harder.

He added: “Maybe they need to look at this through the eyes of the buyer of the St Modwen assets and ask themselves what the purchaser is seeing that they are not? The answer may be ‘value’ amid the torrent of cautious commentary on retail, property and the UK economy more generally.”

In early afternoon trading Wednesday, St. Modwen shares were down 0.3% at 413.2p.

--Adds broker comment and updates share price--

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Wed, 09 May 2018 09:47:00 +1000 https://www.proactiveinvestors.com.au/companies/news/196629/st-modwen-properties-agrees-to-sell-over-a-quarter-of-portfolio-196629.html
<![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.com.au/companies/rns/339/LSE20180411171501_13601097/ Thu, 12 Apr 2018 02:15:01 +1000 https://www.proactiveinvestors.com.au/companies/rns/339/LSE20180411171501_13601097/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.com.au/companies/rns/339/LSE20180409171501_13597565/ Tue, 10 Apr 2018 02:15:01 +1000 https://www.proactiveinvestors.com.au/companies/rns/339/LSE20180409171501_13597565/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.com.au/companies/rns/339/LSE20180329170001_13587834/ Fri, 30 Mar 2018 03:00:01 +1100 https://www.proactiveinvestors.com.au/companies/rns/339/LSE20180329170001_13587834/ <![CDATA[RNS press release - Result of AGM ]]> https://www.proactiveinvestors.com.au/companies/rns/339/LSE20180328161633_13585599/ Thu, 29 Mar 2018 02:16:33 +1100 https://www.proactiveinvestors.com.au/companies/rns/339/LSE20180328161633_13585599/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.com.au/companies/rns/339/LSE20180321120016_13575763/ Wed, 21 Mar 2018 23:00:16 +1100 https://www.proactiveinvestors.com.au/companies/rns/339/LSE20180321120016_13575763/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.com.au/companies/rns/339/LSE20180315181059_13569141/ Fri, 16 Mar 2018 05:10:59 +1100 https://www.proactiveinvestors.com.au/companies/rns/339/LSE20180315181059_13569141/ <![CDATA[RNS press release - Disposal of PRS units in Uxbridge for £75 million ]]> https://www.proactiveinvestors.com.au/companies/rns/339/LSE20180315070003_13567498/ Thu, 15 Mar 2018 18:00:03 +1100 https://www.proactiveinvestors.com.au/companies/rns/339/LSE20180315070003_13567498/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.com.au/companies/rns/339/LSE20180306171501_13557108/ Wed, 07 Mar 2018 04:15:01 +1100 https://www.proactiveinvestors.com.au/companies/rns/339/LSE20180306171501_13557108/ <![CDATA[RNS press release - Annual Financial Report ]]> https://www.proactiveinvestors.com.au/companies/rns/339/LSE20180227145552_13547829/ Wed, 28 Feb 2018 01:55:52 +1100 https://www.proactiveinvestors.com.au/companies/rns/339/LSE20180227145552_13547829/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.com.au/companies/rns/339/LSE20180222123842_13542740/ Thu, 22 Feb 2018 23:38:42 +1100 https://www.proactiveinvestors.com.au/companies/rns/339/LSE20180222123842_13542740/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.com.au/companies/rns/339/LSE20180209120001_13528237/ Fri, 09 Feb 2018 23:00:01 +1100 https://www.proactiveinvestors.com.au/companies/rns/339/LSE20180209120001_13528237/ <![CDATA[RNS press release - CHAIRMAN SUCCESSION ]]> https://www.proactiveinvestors.com.au/companies/rns/339/LSE20180206070004_13522442/ Tue, 06 Feb 2018 18:00:04 +1100 https://www.proactiveinvestors.com.au/companies/rns/339/LSE20180206070004_13522442/ <![CDATA[RNS press release - SALE OF FINAL MILL HILL PHASE ]]> https://www.proactiveinvestors.com.au/companies/rns/339/LSE20180206070003_13522414/ Tue, 06 Feb 2018 18:00:03 +1100 https://www.proactiveinvestors.com.au/companies/rns/339/LSE20180206070003_13522414/ <![CDATA[RNS press release - SALE OF SWANSEA STUDENT ACCOMMODATION FOR £87.3 M ]]> https://www.proactiveinvestors.com.au/companies/rns/339/LSE20180202070003_13519088/ Fri, 02 Feb 2018 18:00:03 +1100 https://www.proactiveinvestors.com.au/companies/rns/339/LSE20180202070003_13519088/ <![CDATA[RNS press release - Directorate Change - Changes to the Board ]]> https://www.proactiveinvestors.com.au/companies/rns/339/LSE20180130110001_13514476/ Tue, 30 Jan 2018 22:00:01 +1100 https://www.proactiveinvestors.com.au/companies/rns/339/LSE20180130110001_13514476/ <![CDATA[RNS press release - Treatment of Clarke and Leavesley shareholdings ]]> https://www.proactiveinvestors.com.au/companies/rns/339/LSE20171222090001_13475740/ Fri, 22 Dec 2017 20:00:01 +1100 https://www.proactiveinvestors.com.au/companies/rns/339/LSE20171222090001_13475740/