JANUARY 24, 2006

St Modwen wins Silverstone deal

According to the magazine Property Week, St Modwen Properties PLC has won the deal to develop Silverstone in partnership with the British Racing Drivers' Club. The Birmingham-based property company, which is quoted on the London Stock Exchange, is a leading UK developer specialising in regeneration schemes, working in partnership with both the public and private sector. The company has wide experience in such schemes, including the revitalization of three racecourses at Brighton, Newcastle and Uttoxeter in addition to redeveloping the Thurleigh Airfield at Bedford, where Jonathan Palmer established his Bedford Autodrome for corporate motorsport activities. That site includes a museum for the 306th US Bombardment Group in addition to a landscaped business park. St Modwen has also developed the Cranfield Technology Park next to Cranfield University where Nissan Europe has established a major Technical Centre for its European operations.

St Modwen won the bid against Development Securities PLC and Scotland's Kilmartin Property Group. It remains to be seen what the plans are for the 800-acre site but we are expecting details to be announced by the BRDC in the not too distant future.