26 Feb 2018 07:00
26 February 2018
U and I Group PLC
U+I goes unconditional at Preston Barracks
U+I (LSE:UAI), the specialist regeneration developer and investor, announces that its contract to purchase the Preston Barracks site from Brighton & Hove City Council is now unconditional, allowing it to deliver one of Brighton's biggest ever mixed-use regeneration projects. U+I has simultaneously exchanged contracts to partner with Scape Student Living to deliver 534 student beds, realising gains in line with previous guidance.
Earlier this year, U+I secured planning consent, in partnership with The University of Brighton, to deliver a £300m GDV mixed-use regeneration along the Lewes Road in Brighton, which incorporates the Preston Barracks site. The scheme will comprise 369 new and affordable homes, 1,338 purpose-built student bedrooms in managed halls of residence, a new academic building for the University of Brighton and a 50,000 sq. ft. innovation hub for start-up and SME businesses. The project is expected to create over 1,500 jobs and add approximately £281m to the local economy.
Richard Upton, Deputy CEO of U+I, said:
"This is another significant milestone as we continue to make progress towards reaching our target of £65-70 million of development and trading gains for FY18. This project will breathe new life into a corner of Brighton that has lain derelict for decades. Working in partnership with Brighton and Hove City Council, we are on site delivering one of the most significant regeneration projects in the history of the city."
ENDS
For further information, please contact:
U and I Group PLC
Nicola Krafft
+44 (0)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