Thu, 26th Apr 2018 07:05
26 April 2018
U and I Group PLC
U+I and Proprium Capital Partners announce the disposal of the Charlton Riverside site for £58 million.
U+I (LSE:UAI), the specialist regeneration developer and investor, in partnership with Proprium Capital Partners, announces the sale of their holding at Charlton Riverside in Greenwich for £58 million in line with the upper end of guidance for 2019.
Acquired in 2015 for c.£27million, a combination of the Greenwich area's increased popularity and the adoption of the Charlton Riverside Masterplan which designated the area as suitable for residential-led development, led to several approaches from interested parties and the resulting sale to a housing association.
Richard Upton, Deputy Chief Executive of U+I, said:
"Charlton Riverside is a great example of what U+I does best. Through astute off market acquisition, promotion and consolidation of land at Charlton Riverside we have facilitated wider regeneration in the area, driving productivity, jobs and housing. The approach from a housing association committing to a target of 40% affordable housing was particularly compelling for us and we believe they are best placed to bring this forward. With this sale U+I realises gains at the upper end of guidance.
For further information, please contact:
U and I Group PLC
+44 20 7828 4777
Camarco (Financial PR Adviser)
Geoffrey Pelham-Lane / Hazel Stevenson
+44 (0) 20 3757 4985/4989
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.