29th Jan 2019 11:56
LONDON (Alliance News) - Regeneration firm U & I Group PLC on Tuesday said it has made both a disposal and an acquisition.
U & I has sold part of the Killingworth Centre in Newcastle-upon-Tyne for GBP7.5 million, as the firm looks to focus on the London area, Manchester, and Dublin.
U & I's acquisition is the Waterglade retail park in Clacton-on-Sea for GBP11.3 million. Waterglade is occupied by four tenants: B&M European Value Retail SA, Halfords Group PLC, Iceland, and Carpetright PLC.
Chief Executive Matthew Weiner said: "We are pleased with the continued recycling of our investment portfolio, in line with our stated strategy.
"The Clacton acquisition is well-priced, provides a relevant offer to the catchment, and further opportunity to re-gear and reposition. It will support our longer-term target of delivering 10% annual total returns."
Shares were down 1.0% on Tuesday at a price of 202.50 pence each.
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