Lots of places in Worcester are owned by offshore companies, many in well-known tax havens. For example, all the land to the south of Worcester where many new homes are planned are owned by offshore companies based in the Channel Islands, Luxemburg and Switzerland.
Also, I didn’t realise that St Modwen’s were based offshore! They are a UK registered company, but for some reason, possibly tax related, they have a base in Luxemburg. In 2015, their profit before tax was £138.1m. After tax, their profit was £122.1, meaning they paid £16m in tax. A useful addition to UK government funds, but equal to a tax rate of only 11.6%.
Map of properties acquired by overseas companies (2005 – July 2014).