23 Apr 2020 07:00
23 April 2020
U and I Group PLC
U+I secures resolution to grant planning at Newtown Works and acquires Arkley Golf Club
U+I (LSE:UAI), the specialist regeneration developer and investor, today announces progress across its development and trading portfolio with resolution to grant planning at Newtown Works in Ashford and the acquisition of Arkley Golf Club in Barnet.
Newtown Works
U+I, in partnership with Quinn Estates, secured resolution to grant planning at Newtown Works in Ashford on 22 April, subject to the signing of a Section 106 agreement and the standard six week procedural and judicial process. The plans will transform the site, which includes a Grade II* Victorian engine works, and a variety of other listed buildings, into a vibrant mixed-use scheme, delivering considerable film and studio floorspace, 300 homes, offices, a 120 bed hotel and a 383 space multi-storey car park.
Gains for this project had been targeted in FY2020 but the General Election and then Covid-19 delayed the planning committee meeting until now. U+I is in discussions on the sale of the residential and commercial components and believes values to be in line with previous guidance on this project.
Arkley Golf Club acquisition
U+I completed the acquisition of Arkley Golf Club on 21 April for £0.3 million, in line with its golf course strategy. It will take on the day to day running of this well-established Club in Barnet, Herts, ensuring it can continue to operate.
Arkley Golf Club was one of the golf courses U+I was in discussions about acquiring at its Capital Markets Day in October 2019. It now has six current or former golf courses in its development and trading portfolio, comprising approximately 515 acres and with a combined Gross Development Value of £1.4 billion. These have the potential to deliver long-term development gains. U+I is targeting c.£80 million of gains from these opportunities over the next eight years.
Matthew Weiner, CEO of U+I said:
"In spite of continued external challenges, we are continuing to make progress as a business. Securing resolution to grant planning at Newtown Works is a key milestone, as significant planning delays had halted our progress in bringing forward this site, full of character and heritage. Importantly, when completed, the scheme will deliver much needed homes, film studio space, offices, a hotel and parking to the Ashford community.
The strategic acquisition of Arkley Golf Club secures its future, allowing the Club to stay open for the local community, whilst enabling U+I to strengthen its golf course portfolio. We are very cognisant of preserving cash in the current climate. However, the Board will continue to review acquisitions like this one on a case by case basis where it believes they will strengthen U+I's portfolio and have the potential for longer-term value creation."
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 / 4991
uandi@camarco.co.uk
About U+I
U+I is a specialist regeneration developer and investor.
With a >£11.5 billion portfolio of complex, mixed-use, community-focused regeneration projects including a £147.1 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