U and I Group PLC U+I secures development site in North East London
16 August 2016 - 4:01PM
RNS Non-Regulatory
TIDMUAI
U and I Group PLC
16 August 2016
16 August 2016
U+I secures GBP95 million regeneration opportunity in North East
London
U+I, the mixed-use property regeneration specialist, today
announces that it has exchanged contracts with landowner, Parkdale
Investments, to bring forward a GBP95 million mixed-use
regeneration project for the Forest Works site on Blackhorse Road,
North East London.
Currently an industrial site spanning 3 acres, the project has
the potential to deliver 300 new homes and 5,500 sq. ft. of
commercial space. Less than 150 metres from Blackhorse Road
Station, the Forest Works site is located within the new Blackhorse
Lane housing zone, with an ambition from the London Borough of
Waltham Forest to deliver over 2,500 new homes and 1,000 new jobs
in the next ten years.
The site was secured in an off-market transaction with Parkdale
Investments for whom U+I will act as development manager with a
capped equity investment on the project of GBP10 million.
Working closely with the council and the local community, U+I
will develop plans for Forest Works reflecting the Council's
aspirations for the area with an initial planning application
expected to be submitted in early 2017.
Matthew Weiner, Chief Executive of U+I said: "We are delighted
to have added this mixed-use regeneration opportunity to our
significant development pipeline. Forest Works is set to deliver
gains to U+I in the next 3 - 5 years in line with our stated IRR
targets, as well as contributing to the socio-economic growth of
the local area. This latest transaction further demonstrates our
ability to secure regeneration opportunities in an equity-light
manner within emerging parts of the London City Region."
For further information, please contact:
Lucy Grimble, Head of Communications and Investor Relations
LucyGrimble@uandiplc.com
020 7828 4777
This information is provided by RNS
The company news service from the London Stock Exchange
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