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U&I Group PLC (UAI)

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Friday 27 March, 2020

U&I Group PLC

Disposal of three non-core assets

RNS Number : 7804H
U and I Group PLC
27 March 2020
 

27 March 2020

 

 

U and I Group PLC

 

U+I progresses investment portfolio transition strategy with disposal of three non-core assets for £22.4 million

U+I (LSE:UAI), the specialist regeneration developer and investor, announces the disposal of Crown Glass Shopping Centre in Nailsea for £11.15 million; the remaining two units at The Killingworth Centre in Newcastle for £7.5 million; and 89-107 Queen Street in Cardiff for £3.75 million. The combined assets were sold marginally below their aggregate book value as at 30 September 2019.

These are non-core retail assets, outside our focus geographies (London City Region, Manchester and Dublin), which we had identified on 20 November as part of our strategic disposals programme.  These transactions leave £25 million in cash within our facility with Aviva as available to reinvest - when conditions start to normalise - as we continue to consider new opportunistic acquisitions that meet the criteria for our investment portfolio strategy or transfer appropriate assets across from within our regeneration activities.

Matthew Weiner, CEO of U+I, commented:  

"These disposals demonstrate further progress in our investment portfolio transition strategy as we focus on building a dynamic, flexible portfolio, driven by placemaking regeneration in our core geographies.  We targeted the disposal of these mature assets at our Interims.  It shows some resilience to have managed to complete these disposals at so close to aggregate half year book value in this challenging environment, where decision-making has almost ground to a halt and valuations are increasingly pressured. For now our priority is to preserve cash but, once conditions start to approach normality, we will review opportunities to acquire regeneration focussed assets, whilst increasingly moving some components of our own development assets into our investment portfolio to drive long-term value."

 

ENDS

 

 

For further information, please contact:  

 

U+I

Nicola Krafft

+44 (0) 20 7828 4777

[email protected]  

 

 

Camarco (Financial PR Adviser)

Geoffrey Pelham-Lane / Tom Huddart

+44 (0) 20 3757 4985 / 4996

[email protected]  

 

 

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   


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