St. Modwen Properties and Swansea University have signed the Development Agreement to deliver the first phase of the £450m new Science and Innovation Campus.

At the same time, St. Modwen has completed the sale of income from the student accommodation to the M&G Secured Property Income Fund, advised by PRUPIM, for £32m.

The entire 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.

The first phase of this scheme, which received detailed planning permission in December 2012 from Neath Port Talbot County Borough Council, will comprise 700,000 sq ft of development including 430,000 sq ft of academic space, 899 student apartments and associated retail space. This will deliver world-leading research, innovation and education facilities for Swansea. Preparatory works have already commenced on site.

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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.

Bill Oliver, Chief Executive, 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."

(CD)