U and I Group PLC £4.9m profit from projects in Maidstone & Kent (2822Q)

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RNS Number : 2822Q

U and I Group PLC

13 September 2017

13(th) September 2017

U and I Group PLC

U+I realises GBP4.9 million of profit through disposals in Maidstone and Kent

U and I Group PLC (U+I) today announces that it has realised GBP4.9 million of profit from the disposal of projects in Maidstone and Kent in line with previous guidance.

In Maidstone, U+I secured planning permission for a GBP65 million residential-led regeneration of a brownfield site at the gateway to Maidstone town centre. U+I has now realised the sale of the second phase of this project, comprising 310 residential units, to a regional housebuilder, having sold the first phase in FY2017.

In Kent, U+I secured planning permission for a GBP70 million mixed-use regeneration project on a well-located, derelict 6-acre site in November 2016. The project comprises a number of elements including residential, leisure and retail and contracts have been exchanged for the sale of the whole site.

Matthew Weiner, Chief Executive said: "Today's announcement underpins a core part of our strategy - securing overlooked sites in well-connected towns in the London City Region where we are able to unlock long-term socioeconomic value for communities and a strong return for our shareholders. Working closely with the council and the community, we have carefully designed and planned regeneration projects that will help to stimulate growth, provide new jobs homes and investment."

ENDS

For further information, please contact:

U and I Group PLC

Lucy Grimble, Head of Investor Relations

[phone]

[e-mail]

Camarco (Financial PR adviser)

Geoffrey Pelham-Lane / Tom Huddart

[phone]/4996

[e-mail]

This information is provided by RNS

The company news service from the London Stock Exchange

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September 13, 2017 02:00 ET (06:00 GMT)