Disposal of Share in Harwell Campus

2 April 2020

U and I Group PLC

U+I disposes of its share in the Harwell Campus, delivering development and trading gains of approximately £11 million

U+I (LSE:UAI), the specialist regeneration developer and investor, today announces that it has exchanged on the sale of its holding in Harwell Campus, the world leading science and technology campus in Oxfordshire, to Brookfield Capital Partners ("Brookfield"), on behalf of Brookfield Strategic Real Estate Partners III ("BSREP III"), for an initial cash payment of £28 million, plus deferred payments of £13.74 million. This delivers development and trading gains to U+I of approximately £11 million, subject to formal audit. The Company expects these gains to be in FY2020, subject to discussions with its auditors. U+I has also sold its 100% owned, adjoining Gemini Building to Brookfield for £7.5 million, marginally above book value, giving an aggregate net cash receipt of c.£44 million.

The disposal of U+I's share of the joint venture in Harwell follows an extensive marketing and due diligence process which saw strong interest from a number of international investors, attracted by the potential of this internationally renowned 700-acre science campus, grounded in over £2 billion of world-leading scientific infrastructure. The additional sale of the Gemini Building, held in our investment portfolio, was opportunistic and reflected a fair value for this asset, whilst providing additional cash to our business.

U+I will provide an unaudited post close trading update on 15 April.

Matthew Weiner, CEO of U+I said:

"Brookfield has a trusted reputation for nurturing and growing assets in the real estate sector. We felt they were the right choice to drive the next stage of growth at this internationally renowned innovation and science campus in the Oxford corridor, giving Harwell the capital commitment it needs to unlock its potential for the future as a hub for pioneering research. With such strong demand for science and research led facilities, it was the right time for U+I to sell its share in the joint venture, which also provides a significant cash injection that further strengthens U+I's balance sheet."

ENDS

For further information, please contact: 

U+I

Nicola Krafft

+44 (0) 20 7828 4777

ir@uandiplc.com

Camarco (Financial PR Adviser)

Geoffrey Pelham-Lane / Tom Huddart

+44 (0)20 3757 4985 / 4991

uandi@camarco.co.uk 

About U+I

U+I is a specialist regeneration developer and investor.

With a >£11.5 billion portfolio of complex, mixed-use, community-focused regeneration projects including a £147.1 million investment portfolio, we are unlocking urban sites bristling with potential in the London City Region (within one hour's commute from Central London), Manchester and Dublin. We exist to create long-term socio-economic 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