2nd Apr 2020 13:27
(Alliance News) - U&I Group PLC on Thursday said it has sold its holding in Harwell Campus to Brookfield Capital Partners for an initial cash payment of GBP28 million.
Harwell Campus is a science and technology centre located in Oxford.
U&I will receive an initial cash payment of GBP28 million as well as deferred payments of GBP13.7 million, delivering development and trading gains of around GBP11 million.
The gains are expected to be realised in the company's financial year ended March 2020.
Separately, it said it has sold its wholly-owned adjoining Gemini Building to Brookfield for GBP7.5 million.
"Brookfield has a trusted reputation for nurturing and growing assets in the real estate sector. We felt they were the right choice to drive the next stage of growth at this internationally-renowned innovation and science campus in the Oxford corridor, giving Harwell the capital commitment it needs to unlock its potential for the future as a hub for pioneering research," said U&I Chief Executive Matthew Weiner.
"With such strong demand for science and research-led facilities, it was the right time for U+I to sell its share in the joint venture, which also provides a significant cash injection that further strengthens U+I's balance sheet," he added.
The stock was trading 7.6% higher at 85.00 pence each on Thursday afternoon in London.
By Ife Taiwo; [email protected]
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