U and I Group PLC £4.9m profit from projects in Maidstone & Kent (2822Q)
September 13 2017 - 1:00AM
UK Regulatory
TIDMUAI
RNS Number : 2822Q
U and I Group PLC
13 September 2017
13(th) September 2017
U and I Group PLC
U+I realises GBP4.9 million of profit through disposals in
Maidstone and Kent
U and I Group PLC (U+I) today announces that it has realised
GBP4.9 million of profit from the disposal of projects in Maidstone
and Kent in line with previous guidance.
In Maidstone, U+I secured planning permission for a GBP65
million residential-led regeneration of a brownfield site at the
gateway to Maidstone town centre. U+I has now realised the sale of
the second phase of this project, comprising 310 residential units,
to a regional housebuilder, having sold the first phase in
FY2017.
In Kent, U+I secured planning permission for a GBP70 million
mixed-use regeneration project on a well-located, derelict 6-acre
site in November 2016. The project comprises a number of elements
including residential, leisure and retail and contracts have been
exchanged for the sale of the whole site.
Matthew Weiner, Chief Executive said: "Today's announcement
underpins a core part of our strategy - securing overlooked sites
in well-connected towns in the London City Region where we are able
to unlock long-term socioeconomic value for communities and a
strong return for our shareholders. Working closely with the
council and the community, we have carefully designed and planned
regeneration projects that will help to stimulate growth, provide
new jobs homes and investment."
ENDS
For further information, please contact:
U and I Group PLC
Lucy Grimble, Head of Investor Relations
+44 20 7828 4777
ir@uandiplc.com
Camarco (Financial PR adviser)
Geoffrey Pelham-Lane / Tom Huddart
+44 (0) 20 3757 4985/4996
uandi@camarco.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
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