7 Aug 2017 07:00
U and I Group PLC
Forward-funding secured for Circus Street, Brighton
U and I Group PLC (U+I, LSE: UAI or the "Company"), the mixed-use property regeneration specialist, announces that it has secured £70 million of forward-funding to develop Circus Street, Brighton, in partnership with GCP Student Living plc, the UK's first REIT focused on student residential accommodation, and Gravis Capital Management Limited.
The Circus Street development is a £130 million mixed use partnership with Brighton and Hove City Council. It will transform a derelict municipal market into an innovation quarter and a powerhouse for regeneration in the city centre. The plans for the regeneration project include 142 new homes, 450 student bedrooms and 30,000 sq. ft. of new office space. A new public square with restaurants, shops and a dance space will also form part of the development.
Construction has now begun on the project and the majority of the buildings on site will complete in 2019.
Richard Upton, Deputy Chief Executive of U+I said: "Securing funding for the Circus Street project is a key milestone and enables construction to begin. The development shows how we can create value through our proven planning and regeneration expertise, whilst also delivering significant cultural and socio-economic benefits to the local community.
"Large scale mixed-use Public Private Partnerships ("PPP") are a core aspect of our strategy, enabling us to build a pipeline of regeneration projects that deliver returns in a capital efficient manner."
ENDS
For further information, please contact:
U and I Group PLC
Lucy Grimble, Head of Investor Relations
+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