The private equity giant upped its offer to 560p from 542p previously.
The company, which operates arms focused on residential homes, warehouses and regeneration, also published a new EPRA NTA of 463p as of May 2021, against which the new offer stands at a 21% premium and a 25% premium to the closing share price on 6 May.
St. Modwen’s directors said they consider the new offer is “in the best interests” of shareholders and unanimously recommend they support the deal.
The offer is deemed final, and cannot be increased unless a third-party bid is received.
Broker Peel Hunt said: “Given no new parties have emerged since the initial announcement in early May, this appears relatively unlikely in our view.”
“Although the offer continues to be relatively finely judged, the increased price today takes into account some of the strong valuation uplifts seen in UK industrial values in recent months, and we believe this will likely be enough to encourage most shareholders to accept.”