LONDON-St Modwen Properties has bought a mixed portfolio of industrial and office properties from the troubled electronics giant Marconi for £33 million ($48 million) through its 50%-owned subsidiary Key Property Investments.

The portfolio consists of six industrial estates, three office properties and two sports grounds which provide short to medium-term income of £3.5 million per annum. And in the longer term several of the sites have redevelopment opportunities.

Anthony Glossop, Deputy Chairman and Chief Executive of St Modwen said: ‘The sites are all well situated in the North West, Midlands and South East which are our traditional areas of activity and will further strengthen our landbank of future opportunities.’