U and I Group PLC Resolution to grant planning and acquisition (5731K)
April 23 2020 - 1:00AM
UK Regulatory
TIDMUAI
RNS Number : 5731K
U and I Group PLC
23 April 2020
23 April 2020
U and I Group PLC
U+I secures resolution to grant planning at Newtown Works and
acquires Arkley Golf Club
U+I (LSE:UAI), the specialist regeneration developer and
investor, today announces progress across its development and
trading portfolio with resolution to grant planning at Newtown
Works in Ashford and the acquisition of Arkley Golf Club in
Barnet.
Newtown Works
U+I, in partnership with Quinn Estates, secured resolution to
grant planning at Newtown Works in Ashford on 22 April, subject to
the signing of a Section 106 agreement and the standard six week
procedural and judicial process. The plans will transform the site,
which includes a Grade II* Victorian engine works, and a variety of
other listed buildings, into a vibrant mixed-use scheme, delivering
considerable film and studio floorspace, 300 homes, offices, a 120
bed hotel and a 383 space multi-storey car park.
Gains for this project had been targeted in FY2020 but the
General Election and then Covid-19 delayed the planning committee
meeting until now. U+I is in discussions on the sale of the
residential and commercial components and believes values to be in
line with previous guidance on this project.
Arkley Golf Club acquisition
U+I completed the acquisition of Arkley Golf Club on 21 April
for GBP0.3 million, in line with its golf course strategy. It will
take on the day to day running of this well-established Club in
Barnet, Herts, ensuring it can continue to operate.
Arkley Golf Club was one of the golf courses U+I was in
discussions about acquiring at its Capital Markets Day in October
2019. It now has six current or former golf courses in its
development and trading portfolio, comprising approximately 515
acres and with a combined Gross Development Value of GBP1.4
billion. These have the potential to deliver long-term development
gains. U+I is targeting c.GBP80 million of gains from these
opportunities over the next eight years.
Matthew Weiner, CEO of U+I said:
"In spite of continued external challenges, we are continuing to
make progress as a business. Securing resolution to grant planning
at Newtown Works is a key milestone, as significant planning delays
had halted our progress in bringing forward this site, full of
character and heritage. Importantly, when completed, the scheme
will deliver much needed homes, film studio space, offices, a hotel
and parking to the Ashford community.
The strategic acquisition of Arkley Golf Club secures its
future, allowing the Club to stay open for the local community,
whilst enabling U+I to strengthen its golf course portfolio. We are
very cognisant of preserving cash in the current climate. However,
the Board will continue to review acquisitions like this one on a
case by case basis where it believes they will strengthen U+I's
portfolio and have the potential for longer-term value
creation."
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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