U and I Group PLC Sale of 12 Hammersmith Grove (5075E)
12 February 2018 - 6:00PM
UK Regulatory
TIDMUAI
RNS Number : 5075E
U and I Group PLC
12 February 2018
12 February 2018
U and I Group PLC
Development and Trading Update
U+I crystallises profits following sale of 12 Hammersmith
Grove
U+I (LSE:UAI), the specialist regeneration developer and
investor, announces that it has realised profits at the upper end
of guidance (GBP9-11 million) on 12 Hammersmith Grove, following
its sale by Aberdeen Standard Investments on 10 January 2018. This
brings total gains FY to date to in excess of GBP40 million.
This follows an announcement on 22 December 2017 that 94% of
office space at 12 Hammersmith Grove had been let in partnership
with Aberdeen Standard Investments. The building is now 100%
let.
At U+I's joint venture residential scheme in the Royal Borough
of Kensington and Chelsea, planning consent was not obtained at a
recent Planning Committee notwithstanding an officer's
recommendation for approval and the strong support of the GLA
through a Stage 1 sign off. The joint venture is currently
reviewing its options post this decision as it seeks to realise
value from the scheme. This delay has no impact on the full year
guidance and U+I continues towards its target of delivering
GBP65-70m of trading and development gains for the year ending 28
February 2018.
Matthew Weiner, Chief Executive of U and I Group, said:
"The realisation of profits at 12 Hammersmith Grove is another
key milestone for U+I and we remain on target to deliver GBP65-70m
of trading and development gains in FY18. We are proud to have been
a part of the project with our funding partner Aberdeen Standard
Investments. We have created a great place to work in the heart of
Hammersmith and in the process enabled Transport for London to
unlock returns that can be reinvested in the transport
network."
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
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