21 Mar 2018 08:10
21 March 2018
U and I Group PLC
U+I realises £2m of gains from sale of the Machine Store at The Old Vinyl Factory development
U+I (LSE:UAI), the specialist regeneration developer and investor, announces the sale of the Machine Store at The Old Vinyl Factory development to Crest Nicholson, realising gains of £2.0m in FY18, in line with expectations.
U+I secured planning consent at the Machine Store for the development of 81 homes and c.11,200 sq. ft. of retail and commercial space, which will be delivered by Crest Nicholson. U+I will retain the commercial space within its investment portfolio, in line with its strategy of repositioning the portfolio to capture further value from assets that have benefitted from its regeneration expertise.
The Machine Store site forms part of the Old Vinyl Factory regeneration project, which once completed will provide 640 homes, 550,000 sq. ft. of office space and 70,000 sq. ft. of retail and leisure space
Richard Upton, Deputy Chief Executive of U+I, said:
"The sale of the Machine Store is another exciting step in the transformation of The Old Vinyl Factory in Hayes. The gains realised from this sale have contributed to the record level of development and trading gains achieved in FY18, at the top end of our target of £65-70m.
"We are also pleased to be retaining the commercial element of the development within our investment portfolio, as we acquire assets that better align with our focus on regeneration, targeting investment portfolio returns of 10% per annum."
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