12 Feb 2018 07:00
12 February 2018
U and I Group PLC
Development and Trading Update
U+I crystallises profits following sale of 12 Hammersmith Grove
U+I (LSE:UAI), the specialist regeneration developer and investor, announces that it has realised profits at the upper end of guidance (£9-11 million) on 12 Hammersmith Grove, following its sale by Aberdeen Standard Investments on 10 January 2018. This brings total gains FY to date to in excess of £40 million.
This follows an announcement on 22 December 2017 that 94% of office space at 12 Hammersmith Grove had been let in partnership with Aberdeen Standard Investments. The building is now 100% let.
At U+I's joint venture residential scheme in the Royal Borough of Kensington and Chelsea, planning consent was not obtained at a recent Planning Committee notwithstanding an officer's recommendation for approval and the strong support of the GLA through a Stage 1 sign off. The joint venture is currently reviewing its options post this decision as it seeks to realise value from the scheme. This delay has no impact on the full year guidance and U+I continues towards its target of delivering £65-70m of trading and development gains for the year ending 28 February 2018.
Matthew Weiner, Chief Executive of U and I Group, said:
"The realisation of profits at 12 Hammersmith Grove is another key milestone for U+I and we remain on target to deliver £65-70m of trading and development gains in FY18. We are proud to have been a part of the project with our funding partner Aberdeen Standard Investments. We have created a great place to work in the heart of Hammersmith and in the process enabled Transport for London to unlock returns that can be reinvested in the transport network."
ENDS
For further information, please contact:
U and I Group PLC
Nicola Krafft
+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
About U + I
U+I is a specialist regeneration developer and investor.
With a £6bn portfolio of complex, mixed-use, community-focused regeneration projects including a £200m investment portfolio, we are unlocking urban sites bristling with potential in the London, Manchester and Dublin city regions. We exist to create long-term socioeconomic 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