For immediate release
26 September 2016
U+I update on the development of a Build to Rent specialist platform
U and I Group PLC (U+I, the Company), the mixed-use property regeneration specialist, has submitted planning applications to develop over 1,000 new rental homes worth more than £250 million within the London City Region in Ashford, Maidstone, Swanley and Woking. Each of these projects will deliver mid-market Build to Rent residential units, confirming U+I's commitment to focus on fewer, larger projects and developing specialist platforms. While U+I is no longer in exclusive discussions with a funding partner for which heads of terms were agreed in April, the Company is evaluating a number of opportunities and other potential capital partners. U+I is well positioned to meet the growing need for affordable housing with the expertise and an attractive portfolio of sites in key regions.
Matthew Weiner, Chief Executive of U+I, said: "U+I is well positioned to launch a Build to Rent platform given the scale of the pipeline of the sites we now have and the increasing level of demand evident from both capital and end users. This is in addition to U+I's recent appointment as development partner at the Mayfield Quarter, Albert Embankment, Cockpit yard and Blackhorse Road with over £1 billion in GDV. The success we've had in securing regeneration projects of this scale reaffirms our focus on our strategic initiatives and we believe that Build to Rent is an important growth opportunity both for the UK and U+I's business."
Link to the full press release: http://www.uandiplc.com/media/press-releases/year-2016
For further information, please contact:
Jessica Stalley, Interim Head of Investor Relations
[email protected] 020 7828 4777
Tulchan Communications 020 7353 4200
This information is provided by RNS