U and I Group PLC Disposal of three non-core assets (7804H)
27 March 2020 - 6:00PM
UK Regulatory
TIDMUAI
RNS Number : 7804H
U and I Group PLC
27 March 2020
27 March 2020
U and I Group PLC
U+I progresses investment portfolio transition strategy with
disposal of three non-core assets for GBP22.4 million
U+I (LSE:UAI), the specialist regeneration developer and
investor, announces the disposal of Crown Glass Shopping Centre in
Nailsea for GBP11.15 million; the remaining two units at The
Killingworth Centre in Newcastle for GBP7.5 million; and 89-107
Queen Street in Cardiff for GBP3.75 million. The combined assets
were sold marginally below their aggregate book value as at 30
September 2019.
These are non-core retail assets, outside our focus geographies
(London City Region, Manchester and Dublin), which we had
identified on 20 November as part of our strategic disposals
programme. These transactions leave GBP25 million in cash within
our facility with Aviva as available to reinvest - when conditions
start to normalise - as we continue to consider new opportunistic
acquisitions that meet the criteria for our investment portfolio
strategy or transfer appropriate assets across from within our
regeneration activities.
Matthew Weiner, CEO of U+I, commented:
"These disposals demonstrate further progress in our investment
portfolio transition strategy as we focus on building a dynamic,
flexible portfolio, driven by placemaking regeneration in our core
geographies. We targeted the disposal of these mature assets at our
Interims. It shows some resilience to have managed to complete
these disposals at so close to aggregate half year book value in
this challenging environment, where decision-making has almost
ground to a halt and valuations are increasingly pressured. For now
our priority is to preserve cash but, once conditions start to
approach normality, we will review opportunities to acquire
regeneration focussed assets, whilst increasingly moving some
components of our own development assets into our investment
portfolio to drive long-term value."
ENDS
For further information, please contact:
U+I
Nicola Krafft
+44 (0) 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 >GBP11.5 billion portfolio of complex, mixed-use,
community-focused regeneration projects including a GBP147.1
million investment portfolio, we are unlocking urban sites
bristling with potential in the London City Region (within one
hour's commute from Central London), Manchester and Dublin. We
exist to create long-term socio-economic 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
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END
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