Land Securities Group PLC Landsec completes U+I acquisition
15 December 2021 - 1:42AM
RNS Non-Regulatory
TIDMLAND
Land Securities Group PLC
14 December 2021
Land Securities Group PLC ("Landsec")
14 December 2021
Landsec completes U+I acquisition, accelerating strategy and
adding additional skills to the business
Landsec has today completed the purchase of regeneration
specialist U and I Group Plc.
The acquisition is the latest move to accelerate Landsec's
growth strategy which is focused on three key areas: central London
offices, major retail destinations and mixed-use urban
neighbourhoods.
Through the acquisition Landsec gains access to a significant
pipeline of mixed-use development schemes, of which two are
well-progressed through planning (Mayfield, Manchester and Morden
Wharf, Greenwich Peninsula). A further scheme at Landmark Court,
Southwark adds to Landsec's London Office portfolio, complementing
its existing interests in the borough.
Additionally, the acquisition complements Landsec's existing
development capabilities through adding additional skills and
experience to the group. The deal also aligns with Landsec's
sustainability goals, including a focus on developing sustainable
communities and creating happy, thriving places where people want
to spend their time.
Mark Allan, CEO, Landsec said: "This is an exciting milestone
for Landsec, one that accelerates our strategy, demonstrating our
ability to capitalise on our strengths and create future value for
our shareholders. Through acquiring U+I, we extend our development
pipeline meaningfully, and welcome colleagues who strengthen the
skills and expertise in our business. I truly believe that t he
combination of Landsec and U+I is compelling. There is an alignment
of purpose between both organisations, focused on the communities
we support and the long term sustainable outcomes we are able to
create."
Ends
About Landsec
At Landsec, we build and invest in buildings, spaces and
partnerships to create sustainable places, connect communities and
realise potential. We are one of the largest real estate companies
in Europe, with a GBP11 billion portfolio of retail, leisure,
workspace and residential hubs. Landsec is shaping a better future
by leading our industry on environmental and social sustainability
while delivering value for our shareholders, great experiences for
our guests and positive change for our communities.
Find out more at landsec.com
Mayfield, Manchester is one of the UK's pre-eminent mixed-use
regeneration projects, and works have already commenced onsite. It
is a c. 24 acre site in Manchester city centre, adjacent to
Manchester Piccadilly railway station, which comprises
approximately 2 million sq. ft. of office, retail and leisure space
and 1,500 new homes set around a 6.5 acre public park. This site is
currently owned in
a joint venture with Manchester City Council, Transport for
Greater Manchester and London and Continental Railways.
Morden Wharf, Greenwich Peninsula has a conditional development
agreement with Morden College, a charitable trust with significant
land holdings on the Greenwich Peninsula. U+I has achieved a
resolution to grant planning consent for 1,500 new homes, 200,000
sq. ft. of warehouses and 50,000 sq. ft. of retail across this 19
acre site on the western edge of the Peninsula.
Landmark Court is an office-led development site located within
walking distance of London Bridge station and Borough underground
station, with planning permission for 200,000 sq. ft. of offices,
retail and workspace and 36 new homes.
Please contact:
Press Investors
Sara Doggett Edward Thacker
+44 (0)7834 431258 +44 (0) 7887 825869
sara.doggett@landsec.com edward.thacker@landsec.com
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