1st Dec 2015 10:00
LONDON (Alliance News) - Property developer U and I Group PLC on Tuesday said it has struck a deal to sell the final phase of the Abbey Wood development in south east London to residential property developer HUB, making a GBP2.5 million profit on the sale.
The sale of the final portion of land in the development brings the total profit generated by U and I on the project to GBP7.5 million.
"The land improvement profit delivered from the disposal of the remaining residential site is in excess of our original underwrite, demonstrating the continued demand for mid-market residential space in Greater London and the South East, a market in which we are particularly active," said Matthew Weiner, U and I's chief executive.
U and I shares were up 0.9% to 229.75 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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