KPI Joint Venture Refinancing Completed

3 April 2012

St. Modwen Properties PLC

("St. Modwen" or "the Company")

KPI Joint Venture Refinancing Completed

St. Modwen Properties PLC (LSE: SMP), the UK's leading regeneration specialist is pleased to confirm that it has completed its previously announced £135m refinancing for its Key Property Investments ("KPI") joint venture. The five year facility extends until March 2017.

None of St. Modwen's existing corporate or joint venture debt facilities now require renewal before 2014.

ENQUIRIES:

St. Modwen Properties PLCBill Oliver, Chief ExecutiveMichael Dunn, Group Finance DirectorMenna Rees-Steer, PR ConsultantTel: 0121 222 9400FTI ConsultingStephanie HighettRichard SunderlandWill HendersonTel: 020 7831 3113

[email protected]