18th Sep 2020 15:43
U&I Group PLC - real estate regeneration development firm - Forms new joint venture with Yoo Capital Investment Management, after Yoo Capital Fund II acquired a majority ownership interest in Shepherd's Bush Market. The new joint venture structure will bring forward the regeneration of Shepherd's Bush Market in West London and the adjoining land for mixed-use development, with Yoo Capital owning 75.5% and U+I 24.5% of the new partnership.
The scheme will realise future development management fees for U&I, as well as a potential share of development profits in the next five years. The transaction also involved a reduction in U+I joint venture debt secured against the project, resulting in the company's look through gearing reducing by about 8.5%, from 68% to about 59%.
Current stock price: 58.80 pence
Year-to-date change: down 67%
By Paul McGowan; [email protected]
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