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UAI U And I Group Plc

148.50
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
U And I Group Plc LSE:UAI London Ordinary Share GB0002668464 ORD 50P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 148.50 148.50 149.00 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

U and I Group PLC Disposal of three non-core assets (7804H)

27/03/2020 7:00am

UK Regulatory


U And I (LSE:UAI)
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From Mar 2019 to Mar 2024

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TIDMUAI

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 GBP22.4 million

U+I (LSE:UAI), the specialist regeneration developer and investor, announces the disposal of Crown Glass Shopping Centre in Nailsea for GBP11.15 million; the remaining two units at The Killingworth Centre in Newcastle for GBP7.5 million; and 89-107 Queen Street in Cardiff for GBP3.75 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 GBP25 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

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 >GBP11.5 billion portfolio of complex, mixed-use, community-focused regeneration projects including a GBP147.1 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

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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(END) Dow Jones Newswires

March 27, 2020 03:00 ET (07:00 GMT)

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