The Blackstone Group completed the acquisition of St. Modwen Properties, a British-based property investment and development business, for $1.7bn. "Our strong conviction in the UK, together with St. Modwen's high-quality asset base, its team, and its operational capabilities, give us confidence we can further build on the company's successes. We look forward to working with the talented team at St. Modwen in the years ahead," James Seppala, Blackstone Head of Real Estate Europe. On May 20, 2021, St. Modwen and Blackstone reached agreement on the terms and conditions of a recommended all cash offer. On June 24, 2021; Blackstone sweetened the bid for St. Modwen Properties at $1.77bn valuation.