St Modwen

St Modwen sells Swansea PBSA building for £38m

Developer St Modwen has completed the sale of its interests in a PBSA building at Swansea University Bay Campus for £38m.

The 411-bed property was sold to on-campus residential and academic accommodation infrastructure provider University Partnerships Programme (UPP).

Students have occupied the building since January 2019, following the completion of the development.

The news follows the disposal of a first phase of student accommodation, totalling 2,005 rooms, to UPP in February 2018.

"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,” said Guy Gusterson, managing director at Strategic Land and Regeneration at St Modwen.

“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.”

St Modwen — which operates across three dedicated business units in the UK (St Modwen Homes, St Modwen Industrial and Logistics, and Strategic Land and Regeneration) — has over 30 years of property and regeneration expertise.

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