14 Mar 2018 07:00
14 March 2018
U and I Group PLC
U+I disposes of Waitrose Store in Ringwood for £17.25m
U+I (LSE:UAI), the specialist regeneration developer and investor, announces the sale from its investment portfolio of the anchor Waitrose store in the Furlong Shopping Centre in Ringwood to IM Properties for £17.25 million. The sale price reflected a yield of 4.99%. This latest sale takes disposals in our investment portfolio to over the £50 million target for the financial year ended 28 February 2018.
This disposal, agreed on 28 February 2018, is further progress against U+I's strategic initiative to reposition its investment portfolio towards regeneration assets.
During its ownership, U+I's asset management skills have added significant value to the Furlong Shopping Centre, including the repositioning of the centre as a premium retail destination. It will retain the adjacent retail units, which include a mix of quality national and independent stores.
Matthew Weiner, Chief Executive of U+I, said:
"We have made further progress on our investment disposals strategy and we are pleased to have secured this sale above book value. The Company's investment portfolio is well placed to acquire new assets that will generate enhanced returns for our shareholders, where valuations are attractive."
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