15 Feb 2016 07:00
15th February 2016
U+I realises £2.3 million of profit from sale of Charlemont Clinic site in Dublin
U and I Group PLC (U+I) today announces that it has sold the Charlemont clinic site in Dublin city centre to Dalata Hotel Group plc for €11.9 million, realising profits of £2.3 million, representing an IRR of over 50%. U+I acquired this vacant 1-acre site in December 2014 for €7.1 million and has since secured a resolution to grant planning permission, subject to certain conditions, for a redevelopment of the site which will deliver a 4* 181-bed hotel and 3 residential units.
Matthew Weiner, CEO, U+I said: "We are pleased to make further progress today towards our full year gains and also in our activities in Dublin. Dublin is one of our three key areas of geographic focus with a number of ongoing investment and development opportunities. The announcement today marks our first major profit contribution from our activities in this market."
For further enquiries, please contact:
Matthew Weiner/Lucy Grimble, U+I PLC
020 7828 4777