22 Jan 2019 07:00
22 January 2019
U and I Group PLC
U+I secures three new trading opportunities
U+I (LSE:UAI), the specialist regeneration developer and investor, announces that it has secured three new trading opportunities, as it continues to focus on growing its short-term pipeline.
Two of these trading opportunities are in London City Region and were under offer when U+I announced its Interim results on 24 October 2018, whilst the third is a new trading opportunity in Dublin. The projects comprise the following:
· Finsbury Park, London City Region: we completed the off-market acquisition of the 'Arts Building', a 50,000 sq.ft. warehouse style building in January. We will use our asset management expertise to refurbish this five-floor building built in 2014, including the conversion of warehouse space to offices. The building is part income producing and we intend to re-let the 22,000 sq.ft. vacant space previously occupied by the vendor. This will increase the net initial yield from sub 4% to 8%. On completion of the works, the building will offer affordable and convenient office space targeting the creative sector, just 100m from Finsbury Park station and with views of some of the most iconic landmarks in London.
· Ashford, London City Region: in December, we completed a part-funding deal with Quinn Estates to acquire the 12-acre brownfield site in Ashford town centre, known as Newtown Works. The project is our fourth in Ashford and our second in joint venture with Quinn Estates in the town. Design work at Newtown Works is already underway to transform the site, which includes a Grade II* Victorian engine works, and a variety of other listed buildings, into a vibrant mixed-use scheme, expected to deliver considerable film and studio floorspace, a hotel and quality public realm. We expect to see the first development and trading profits in 2020 on securing planning and initial lettings/disposals.
· Dublin 8, Dublin: White Heather Industrial Estate is a medium-term trading opportunity in Dublin 8, which we acquired in December 2018. Producing an annual income of €555,000 per annum, this 2.8 acre site has longer term development potential with frontage overlooking the Grand Canal. 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.
Matthew Weiner, CEO of U+I, commented:
"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. We continue to focus on high-quality trading schemes that support short-term profits in our core London City Region, Manchester and Dublin. We will continue to update the market on any significant newsflow ahead of reporting our full year results for the year ending 31 March 2019 on 22 May 2019."
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 / Hazel Stevenson / Tom Huddart
+44 (0) 20 3757 4985 / 4989 / 4996
uandi@camarco.co.uk
About U+I
U+I is a specialist regeneration developer and investor.
With a c.£9.5 billion portfolio of complex, mixed-use, community-focused regeneration projects including a £145.7 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