St. Modwen Properties, the FTSE 250 regeneration specialist, has signed an agreement with Swansea University to deliver the first phase of a new Science and Innovation Campus.

The £450m campus will be located on St. Modwen's 65 acre Transit site, one of the holdings within a 2,500 acre portfolio acquired from BP in 2009, and which has been fully remediated.

About 4,000 direct jobs will be created during the construction phase, with a further 6,000 indirect jobs supported in the wider economy as a result.

The group also announced that it has completing the sale of income from the student accommodation to the M&G Secured Property Income Fund, advised by PRUPIM, for £32m.

Bill Oliver, the Chief Executive of St.Modwen said: "The new campus will serve as a fantastic catalyst for change in this part of South Wales and provide a huge boost to the local and national Welsh economies. Coupled with our ongoing regeneration of Coed Darcy, Baglan Bay and Glan Llyn at Newport, this project plays a major part in the transformational change that we are delivering in South Wales.

"Over the next few years, we look forward to working closely with the University on this important project, as well as engaging with the local community and key stakeholders."

The share price edged 0.08% higher to 249.80p by 15:25.

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