- Property investment business St Modwen said Thursday it had sold £82m of retail assets for 3% above book value as part of plans to refocus its portfolio.

The company had exchanged contracts for the sale of its long leasehold interest in Edmonton Green shopping centre for a total cash consideration of £72m, above the November 2017 asset book value of £70.2m, and expected the sale to complete "shortly".

It also completed the sale of two smaller retail assets in Liverpool and Cannock for a total of £9.9m, 6% above the combined book value of the assets as at November 2017.

"These disposals are in line with our strategic objective to refocus our portfolio towards assets with strong structural growth characteristics. Since the start of this year we have sold £177m of retail assets, on average less than 1% below book value, representing more than half of our overall retail portfolio," said Rupert Wood, Property Director - Asset Management, St. Modwen.

The company admitted that the disposals would reduce its short-term rental income, funnelling the sale proceeds into its "much higher yielding" industrial and logistics pipeline was expected to deliver a "marked increase" in longer-term income.

At 9:25am: [LON:SMP] St Modwen Properties PLC share price was +2.2p at 388.2p

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