Housebuilder aims to increase development to 2,400 homes a year following acquisition by Blackstone
Housebuilder St Modwen plans to increase its development programme to 2,400 homes a year, double the amount it delivered in 2021.
The Birmingham-based company, which turned over £342m last year, wants to accelerate its growth over the next five years by combining its land buying, planning, pre-constuction and customer delivery capabilities.
The announcement follows US fund manager Blackstone buying St Modwen in August last year for £1.3bn, clearing out the board and installing a trio of executives from its European Real Estate Group.
Sarwjit Sambhi, chief executive of St Modwen, said: “Over recent years, St Modwen has become one of the UK’s leading developers of new communities and high-quality homes.
“Bringing together our land capabilities is a natural progression for St Modwen Homes and we hope a catalyst to double the size of this business.”
St Modwen currently builds across the Midlands, South West & Wales, South East & London and North West.
The business focuses on high growth sectors of logistics and housebuilding, and is selling homes across 24 sites. It is also making land acquisitions and says it has “high levels of growth” planned for this year.
St Modwen Logistics delivered 1.4m sq ft of new warehouse space during 2021 and says it has one of the UK’s largest pipelines at c. 19m sq ft.
The housebuilder aims to be fully net zero carbon by 2040 and invest 1% of cash profits annually into education partnerships.
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