U+I successfully completes sale of Blackhorse Road

20 December 2017

U and I Group PLC

U+I successfully completes sale of Blackhorse Road for £34 million

U+I (LSE:UAI), the specialist regeneration developer and investor, in partnership with vendor Parkdale Investments Limited, today announces that it has completed the sale of Equipment Works, Blackhorse Road to Telford Homes PLC, realising gains to U+I at the top end of guidance. This brings U+I's total gains to date to in the region of £26 million, with further gains to be realised on the completion of the funding of Cannock, as previously announced.

U+I secured the site off market in a JV with Parkdale Investments in March 2016 and together worked closely with the local community and council to develop plans for a comprehensive mixed-use regeneration project. Planning was secured in October 2017 for the £130 million project.

Matthew Weiner, Chief Executive of U and I Group, said: 

"The sale of Blackhorse Road is another milestone for U+I as we continue towards our target of £65-70 million of trading and development gains for this financial year, further demonstrating our ability to add value through the planning system and realise gains efficiently.

Our plans will transform this overlooked site into a vibrant new mixed-use community that supports the wider ambitions of the London Borough of Waltham Forest, delivering homes, workspaces and community space for the local area."

ENDS

For further information, please contact: 

U and I Group PLC

Nicola Krafft

+44 20 7828 4777

[email protected]

Camarco (Financial PR Adviser)

Geoffrey Pelham-Lane / Tom Huddart

+44 (0) 20 3757 4985/4996

[email protected] 

About U + I

U+I is a specialist regeneration developer and investor.

With a £6bn portfolio of complex, mixed-use, community-focused regeneration projects including a £200m investment portfolio, we are unlocking urban sites bristling with potential in the London, Manchester and Dublin city regions. We exist to create long-term socioeconomic 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