U+I realises gains at Mill Green, Cannock

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