St. Modwen Props, Persimmon Signs JV To Develop 2,000 Homes

2nd Aug 2010 11:25

LONDON (Dow Jones)--St. Modwen Properties PLC (SMP.LN), a British-based property investment and development business, said Monday it and Persimmon PLC (PSN.LN) have entered into a joint venture initially to develop 2,000 homes on seven sites owned by St. Modwen. MAIN FACTS: -It is expected that the development across 120 acres of land will take up to five years to complete and will have an end value of over GBP300 million. -Further schemes will be added to the joint venture as planning permission is granted. -Shares of St. Modwen at 1021 GMT up 2.4 pence or 1.4%, at 176.2 pence, valuing the company at GBP353.0 million. Shares of Persimmon up 15.1 pence or 4.3%, at 368.2 pence, valuing the company at GBP1.12 billion. -By Tapan Panchal, Dow Jones Newswires. Tel +44(0)207-842 9448, [email protected] (END) Dow Jones Newswires August 02, 2010 06:25 ET (10:25 GMT)