St Modwen sees H2 in line with first half

Property developer St. Modwen said on Monday it expected the second half of the the financial year to be “broadly in line” with the first half.

In a trading statement, the company said its diversified portfolio and business had continued to perform well over the past few months, “demonstrating resilience in the face of broader market uncertainties”.

St Modwen confirmed it had received “firm levels” of interest from a number of parties on its 10-acre Nine Elms Square site at New Covent Garden in London.

“We have continued to experience robust regional occupier demand across the UK for both new and existing commercial space. With this as a backdrop, we have continued to pursue investment and development opportunities that we believe exhibit excellent value creation potential, while also realising value from more mature assets,” the company said.