St. Modwen - Sale of Student Accommodation
St. Modwen Properties PLC
("St. Modwen" or the "Company")
St. Modwen sells latest Swansea student accommodation for £38m
St. Modwen has completed on the sale of its interests in a purpose-built student accommodation building at Swansea University Bay Campus for a total consideration of £38m. The 411-bedroom accommodation was sold to University Partnerships Programme (UPP Group Limited, "UPP"), a leading provider of on-campus residential and academic accommodation infrastructure.
Following completion of the building, the accommodation has been occupied by student residents since January 2019. The planned disposal marks the latest milestone in the delivery of the Swansea University Bay Campus as part of St. Modwen's wider regeneration of the former industrial area into modern academic, residential and recreational space. It follows the disposal of a first phase of student accommodation, totalling 2005 rooms, to UPP in February 2018.
Guy Gusterson, Managing Director of Strategic Land & Regeneration at St. Modwen, said: "This latest success marks an important milestone for our regeneration of the Bay Campus and wider area, delivers a good return for the Group and releases further capital to recycle into future developments. We are extremely proud of our valued relationship with Swansea University and what we have delivered together, and we remain keen to support and progress new developments to further enhance this region."