28 Feb 2018 07:00
28 February 2018
U and I Group PLC
U+I realises gains in line with FY18 guidance for Mill Green, Cannock
U+I (LSE:UAI), the specialist regeneration developer and investor, announces that its joint venture agreement with a consortium managed by McArthurGlen to deliver a £160m designer outlet in Mill Green, Cannock, near Birmingham (announced on 6 December 2017) is now unconditional. U+I has recognised profits for the scheme, as outlined in its FY18 guidance. The Company has an option to retain a 12.5% stake in the completed project which would be held in its investment portfolio.
Matthew Weiner, Chief Executive of U+I, said:
"Our realisation of profits at Cannock is another significant achievement for U+I and we remain on target to deliver £65-70m of trading and development gains in FY18. This exciting project to develop a 35-acre greenfield site into an easily accessible designer outlet village will deliver a vibrant mixed-use destination and stimulate the local economy. We will also benefit from the long-term performance of the asset through the retained stake in our investment portfolio."
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 £145m 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