U and I Group PLC U+I, joint venture with Colony NorthStar Inc. (3921U)
January 18 2017 - 1:00AM
UK Regulatory
TIDMUAI
RNS Number : 3921U
U and I Group PLC
18 January 2017
18 January 2017
U+I and Colony NorthStar partner to establish EUR300 million
office repositioning platform
U and I Group PLC ("U+I", LSE: UAI), the mixed-use property
regeneration specialist, in partnership with a controlled affiliate
of Colony NorthStar Inc. ("Colony NorthStar", NYSE: CLNS), a
leading global real estate and investment management firm, are
pleased to announce the creation of a specialist, joint venture
platform to invest in the London City Region, Manchester and Dublin
office markets.
The partners will each own 50% of the joint venture, adding
value to underperforming office buildings through improved
planning, development, refurbishment and asset management. The
partners have both made substantial resource and capital
commitments to this new platform, which is expected to deploy
approximately EUR300 million over the next investment period.
U+I has made an initial capital contribution of EUR14 million
and seeded the joint venture with two assets, The Record Store, at
The Old Vinyl Factory in London and Donnybrook House in Dublin. The
Record Store is being repositioned to create 60,000 sq. ft. of
creative office space as part of U+I's wider transformation of the
17-acre site; Donnybrook House is a 72,000 sq. ft. vacant building
in a prominent location in central Dublin which U+I will refurbish
to meet the demands of creative and tech focussed businesses. Most
recently Ballymoss House, a 67,000 sq. ft. third generation office
building, has been acquired in Dublin for EUR13.5 million, the
property will be immediately refurbished.
Matthew Weiner, Chief Executive of U+I, said: "We're delighted
to be partnering again with Colony NorthStar. The specialist
platform will target opportunities to develop high quality office
space where there are limited options for new build. There is
currently a shortage of offices across U+I's core locations which
provide the right space or environment to satisfy the needs of
today's modern enterprises. Office refurbishment is one of U+I's
core skills, this platform will allow us to deliver workplaces
tailored for the 21(st) century and create value through our
expertise in planning, development, refurbishment and asset
management."
Stefan Jaeger, Managing Director at Colony NorthStar said: "We
are excited to broaden our existing relationship with U+I, who we
regard as best-in-class partners, to this strategic specialist
platform. With a high-quality portfolio of seed assets and a strong
pipeline in markets with attractive fundamentals, we look forward
to creating a preeminent portfolio of Grade A office space and
leveraging Colony NorthStar's expertise in the creation of scalable
platforms."
ENDS
U and I Group plc
Lucy Grimble, Head of Investor Relations
ir@uandiplc.com +44 20 7828 4777
This information is provided by RNS
The company news service from the London Stock Exchange
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