- St. Modwen Properties said it expected to post a 'meaningful improvement in earnings in the years ahead' after it exceeded its asset disposal targets for the 2018 financial year.

Since it announced a new strategy in June 2017, the company said it had now sold £814m of assets, representing over 40% of its starting portfolio.

The sales had provided 'ample' financial capacity to deliver on growth plans, whilst maintaining a conservative level of leverage.

Total disposals for the year through November amounted to £529m, on average in line with book value.

The large volume of disposals would reduce rental income in 2019.

However, assuming market conditions remained stable, St. Modwen said it expected the impact on adjusted EPRA earnings to be 'more than offset' by further growth in house-building profits, rental income from new developments and a reduction in interest costs.

The company said it expected to release its full-year results on 5 February.

Story provided by