St Modwen looks south for gains

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The Independent Online

The developer St Modwen is training its sights on more buoyant property markets in the south this year as the rest of the country struggles. The group has a third of its portfolio and 50 per cent of its housing assets in London and the South-east, where markets are recovering faster.

The rising worth of St Modwen's residential holdings accounted for the bulk of the £48m in valuation gains across its estate during the year to November.

Bill Oliver, chief executive, said: "There is a different kind of economy inside the M25, but outside confidence is low and demand is weak. Our investors and investors in property are preferring to invest in the South-east."