U and I Group PLC Disposal of Share in Harwell Campus (5004I)
April 02 2020 - 1:00AM
UK Regulatory
TIDMUAI
RNS Number : 5004I
U and I Group PLC
02 April 2020
2 April 2020
U and I Group PLC
U+I disposes of its share in the Harwell Campus, delivering
development and trading gains of approximately GBP11 million
U+I (LSE:UAI), the specialist regeneration developer and
investor, today announces that it has exchanged on the sale of its
holding in Harwell Campus, the world leading science and technology
campus in Oxfordshire, to Brookfield Capital Partners
("Brookfield"), on behalf of Brookfield Strategic Real Estate
Partners III ("BSREP III"), for an initial cash payment of GBP28
million, plus deferred payments of GBP13.74 million. This delivers
development and trading gains to U+I of approximately GBP11
million, subject to formal audit. The Company expects these gains
to be in FY2020, subject to discussions with its auditors. U+I has
also sold its 100% owned, adjoining Gemini Building to Brookfield
for GBP7.5 million, marginally above book value, giving an
aggregate net cash receipt of c.GBP44 million.
The disposal of U+I's share of the joint venture in Harwell
follows an extensive marketing and due diligence process which saw
strong interest from a number of international investors, attracted
by the potential of this internationally renowned 700-acre science
campus, grounded in over GBP2 billion of world-leading scientific
infrastructure. The additional sale of the Gemini Building, held in
our investment portfolio, was opportunistic and reflected a fair
value for this asset, whilst providing additional cash to our
business.
U+I will provide an unaudited post close trading update on 15
April.
Matthew Weiner, CEO of U+I said:
"Brookfield has a trusted reputation for nurturing and growing
assets in the real estate sector. We felt they were the right
choice to drive the next stage of growth at this internationally
renowned innovation and science campus in the Oxford corridor,
giving Harwell the capital commitment it needs to unlock its
potential for the future as a hub for pioneering research. With
such strong demand for science and research led facilities, it was
the right time for U+I to sell its share in the joint venture,
which also provides a significant cash injection that further
strengthens U+I's balance sheet."
ENDS
For further information, please contact:
U+I
Nicola Krafft
+44 (0) 20 7828 4777
ir@uandiplc.com
Camarco (Financial PR Adviser)
Geoffrey Pelham-Lane / Tom Huddart
+44 (0)20 3757 4985 / 4991
uandi@camarco.co.uk
About U+I
U+I is a specialist regeneration developer and investor.
With a >GBP11.5 billion portfolio of complex, mixed-use,
community-focused regeneration projects including a GBP147.1
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
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END
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