27th Mar 2020 17:53
(Alliance News) - U&I Group PLC on Friday said it has sold assets in Nailsea, Cardiff and Newcastle for a total of GBP22.4 million.
The real estate developer and investor sold the Crown Glass Shopping Centre in Nailsea for GBP11.2 million, two units at the Killingworth Centre in Newcastle for GBP7.5 million, and 89-107 Queen Street in Cardiff for GBP3.8 million.
U&I said that combined, the assets sold marginally below their aggregate book value as at the end of September. Following the transactions, the company has GBP25 million in cash in its facility with Aviva to be used for investments when trading conditions return to normal.
"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. 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," said Chief Executive Matthew Weiner.
The stock closed 11% lower at 76.30 pence each on Friday in London.
By Ife Taiwo; [email protected]
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