7th Dec 2015 09:42
LONDON (Alliance News) - Property developer U & I Group PLC on Monday said it has realised profit of GBP2.7 million from the sale of projects in Watford in north London and Braehead near Glasgow.
The company has sold Rembrandt House in Watford to Henley Homes, realising a profit of GBP700,000. Henley intends to turn the 40,000 square foot office building on the site into a 43-unit residential development.
U & I has also completed the sale of a 103-key hotel in Braehead to Whitbread PLC, the owner of Premier Inn, for GBP6.8 million, giving U & I a profit of GBP2.0 million. U & I bought the site out of receivership in 2010 and upgraded the space before securing a management contract with Louvre Hotels Group, which ran the hotel under its Campanile brand.
"Today's announcement adds to our progress towards realising our anticipated gains for the full year. We maintain absolutely focussed on delivering value from across our portfolio as we capture gains from our regeneration activities and dispose of mature assets, with the aim of recycling capital out of smaller projects into fewer, larger regeneration opportunities," said Matthew Weiner, U and I's chief executive.
Shares in U & I were up 3.4% to 228.75 pence on Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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