St Modwen on track for 2.7 million sq ft of development

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St Modwen is on track to deliver 2.7 million sq ft of industrial and logistics space in the next 18 months.

In its latest half year report the developer noted that it was on track to deliver 1.2m sq ft of new space this year, and was preparing to grow its committed pipeline to c. 1.5m sq ft in 2021.

It says it has further potential in 19m sq ft for its future pipeline.

Of the 1.2 million sq ft on track this year more than half is already let or under offer up from 18% of committed pipeline at start of 2020, reflecting continued strong demand.

Currently Industrial and logistics exposure now accounts for 48% of St Modwen’s overall portfolio.

Overall  the developer made a pre-tax loss of some £150m during the first half of its current financial year  In a statement to the London Stock Exchange, the business said its losses were also due to the revaluation of large, complex sites in Wales.

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