U and I Group PLC U+I signs joint venture (4910Y)
06 December 2017 - 6:00PM
UK Regulatory
TIDMUAI
RNS Number : 4910Y
U and I Group PLC
06 December 2017
6 December 2017
U and I Group PLC
U+I signs joint venture agreement with McArthurGlen to develop
the Mill Green site in Cannock
U+I (LSE:UAI), the specialist regeneration developer and
investor, today announces that it has entered into a joint venture
agreement with a consortium managed by McArthurGlen to deliver a
new Designer Outlet in Cannock, near Birmingham, over which the
Company's wholly owned subsidiary, Development Securities (Cannock)
Limited ("DS Cannock") currently has an option to acquire.
A joint venture has been established between U+I, and a
consortium comprising McArthurGlen, Aviva Investors on behalf of
Aviva Life and Pensions and The Richardson Family for a GBP160
million project that will see the site developed into a 26,500 sq m
designer outlet scheme. U+I has retained a 12.5 per cent interest
in the joint venture and the consortium has acquired the remaining
87.5 per cent interest.
Upon fulfilment of a number of conditions in connection with the
development of the site, DS Cannock will transfer its right to
acquire the site and certain related work in progress to the joint
venture vehicle, Cannock Designer Outlet Limited Partnership.
The transaction will enable U+I to recognise the profits from
the scheme as outlined in its FY18 guidance. By retaining a stake
in the asset in its investment portfolio, the Company will
participate in the long term performance of the property.
Matthew Weiner, Chief Executive of U and I Group, said:
"Our project in Cannock demonstrates some of our core strengths
as a business - securing complex planning consents and creating
great mixed used places that bring communities together and
stimulate the local economy. We are pleased to have signed
conditional agreements with McArthurGlen, which is one of the
world's leading designer outlet operators. We will keep
shareholders updated on further progress as we continue to focus on
our target of GBP65-70 million for the FY18."
ENDS
For further information, please contact:
U and I Group PLC
Nicola Krafft
+44 20 7828 4777
ir@uandiplc.com
Camarco (Financial PR Adviser)
Geoffrey Pelham-Lane / Tom Huddart
+44 (0) 20 3757 4985/4996
uandi@camarco.co.uk
About U + I
U+I is a specialist regeneration developer and investor.
With a GBP6bn portfolio of complex, mixed-use, community-focused
regeneration projects including a GBP200m investment portfolio, we
are unlocking urban sites bristling with potential in the London,
Manchester and Dublin city regions. We exist to create long-term
socioeconomic benefit for the communities in which we work,
delivering sustainable returns to our shareholders.
To find out more, visit www.uandiplc.com or follow us
@uandiplc
This information is provided by RNS
The company news service from the London Stock Exchange
END
JVEDDBDDUUGBGRU
(END) Dow Jones Newswires
December 06, 2017 02:00 ET (07:00 GMT)
U And I (LSE:UAI)
Historical Stock Chart
From Apr 2024 to May 2024
U And I (LSE:UAI)
Historical Stock Chart
From May 2023 to May 2024