U and I Group PLC U+I realises £2m gains from sale of Machine Store (4096I)
21 March 2018 - 7:10PM
UK Regulatory
TIDMUAI
RNS Number : 4096I
U and I Group PLC
21 March 2018
21 March 2018
U and I Group PLC
U+I realises GBP2m of gains from sale of the Machine Store at
The Old Vinyl Factory development
U+I (LSE:UAI), the specialist regeneration developer and
investor, announces the sale of the Machine Store at The Old Vinyl
Factory development to Crest Nicholson, realising gains of GBP2.0m
in FY18, in line with expectations.
U+I secured planning consent at the Machine Store for the
development of 81 homes and c.11,200 sq. ft. of retail and
commercial space, which will be delivered by Crest Nicholson. U+I
will retain the commercial space within its investment portfolio,
in line with its strategy of repositioning the portfolio to capture
further value from assets that have benefitted from its
regeneration expertise.
The Machine Store site forms part of the Old Vinyl Factory
regeneration project, which once completed will provide 640 homes,
550,000 sq. ft. of office space and 70,000 sq. ft. of retail and
leisure space
Richard Upton, Deputy Chief Executive of U+I, said:
"The sale of the Machine Store is another exciting step in the
transformation of The Old Vinyl Factory in Hayes. The gains
realised from this sale have contributed to the record level of
development and trading gains achieved in FY18, at the top end of
our target of GBP65-70m.
"We are also pleased to be retaining the commercial element of
the development within our investment portfolio, as we acquire
assets that better align with our focus on regeneration, targeting
investment portfolio returns of 10% per annum."
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
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