6 Dec 2017 07:00
6 December 2017
U and I Group PLC
U+I signs joint venture agreement with McArthurGlen to develop the Mill Green site in Cannock
U+I (LSE:UAI), the specialist regeneration developer and investor, today announces that it has entered into a joint venture agreement with a consortium managed by McArthurGlen to deliver a new Designer Outlet in Cannock, near Birmingham, over which the Company's wholly owned subsidiary, Development Securities (Cannock) Limited ("DS Cannock") currently has an option to acquire.
A joint venture has been established between U+I, and a consortium comprising McArthurGlen, Aviva Investors on behalf of Aviva Life and Pensions and The Richardson Family for a £160 million project that will see the site developed into a 26,500 sq m designer outlet scheme. U+I has retained a 12.5 per cent interest in the joint venture and the consortium has acquired the remaining 87.5 per cent interest.
Upon fulfilment of a number of conditions in connection with the development of the site, DS Cannock will transfer its right to acquire the site and certain related work in progress to the joint venture vehicle, Cannock Designer Outlet Limited Partnership.
The transaction will enable U+I to recognise the profits from the scheme as outlined in its FY18 guidance. By retaining a stake in the asset in its investment portfolio, the Company will participate in the long term performance of the property.
Matthew Weiner, Chief Executive of U and I Group, said:
"Our project in Cannock demonstrates some of our core strengths as a business - securing complex planning consents and creating great mixed used places that bring communities together and stimulate the local economy. We are pleased to have signed conditional agreements with McArthurGlen, which is one of the world's leading designer outlet operators. We will keep shareholders updated on further progress as we continue to focus on our target of £65-70 million for the FY18."
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