UAI.L Share News (UAI)

LONDON (Alliance News) - U & I Group PLC on Tuesday said it secured three new trading opportunities expanding its project pipeline.

The regeneration developer secured three projects, two in the London city region and one in Dublin.

"It has been a busy few months since we published our interim results in October, and we have consolidated some of the opportunities that were then under negotiation or offer into successful acquisitions," Chief Executive Officer Matthew Weiner said.

He added: "We continue to focus on high-quality trading schemes that support short-term profits in our core London City Region, Manchester and Dublin."

In London, U & I acquired a 50,000 square feet warehouse style building in January. The firm will now refurbish it and convert the space into offices.

Also in London, the company bought a 12-acre brownfield site in Ashford town centre, in a joint venture with Quinn Estates. It plans to transform the space into a "vibrant mixed-use scheme", including film and studio space.

In Dublin, U & I bought the White Heather Industrial Estate, a 2.8 acre site generating a EUR555,000 rental income per year. The site has "longer term development potential", the company added.

"There is potential to get the site rezoned for residential use in the next City Plan, which comes into effect in September 2022, which would support demand for more homes in this underutilised location," U & I said.

U & I shares were trading up 1.1% at 209.26 pence each.