New joint venture partnership

18 September 2020

U and I Group PLC

Yoo Capital forms new JV partnership with U+I at Shepherd's Bush Market

U+I (LSE:UAI), the specialist regeneration developer and investor, announces that Yoo Capital Investment Management ("Yoo Capital") has acquired a majority ownership interest in Shepherd's Bush Market for its Yoo Capital Fund II, L.P. (YCFII), forming a joint venture partnership with U+I.

Yoo Capital is a privately held real estate investment firm, with over £2 billion assets under management. The new joint venture structure will bring forward the regeneration of Shepherd's Bush Market in West London and the adjoining land for mixed-use development, with Yoo Capital owning 75.5% and U+I 24.5% of the new partnership. The scheme will realise future development management fees for U+I, as well as a potential share of development profits in the next five years. The transaction also involved a reduction in U+I joint venture debt secured against the project, resulting in the Company's look through gearing reducing by circa 8.5% (from 68% to circa 59%).

Richard Upton, Chief Development Officer at U+I, said:

"Yoo Capital has significant place-making experience and is the right partner to accelerate the regeneration of Shepherd's Bush Market, working closely with the local community and stakeholders to invest in supporting and enhancing this cornerstone of west London culture. The new capital arrangement will reduce debt for U+I as it continues to strengthen its balance sheet."

ENDS

For further information, please contact: 

U+I

Nicola Krafft

+44 (0) 20 7828 4777

[email protected]

Camarco (Financial PR Adviser)

Geoffrey Pelham-Lane / Tom Huddart

+44 (0)20 3757 4985 / 4991

[email protected] 

About U+I

U+I is a specialist regeneration developer and investor.

With a >£10.8 billion portfolio of complex, mixed-use, community-focused regeneration projects including a £130.6 million investment portfolio, we are unlocking urban sites bristling with potential in the London City Region (within one hour's commute from Central London), Manchester and Dublin. We exist to create long-term socio-economic benefit for the communities in which we work, delivering sustainable returns to our shareholders.

To find out more, visit www.uandiplc.com or follow us @uandiplc