U and I Group PLC Forward-funding secured for Circus Street,Brighton (1992N)
August 07 2017 - 2:00AM
UK Regulatory
TIDMUAI
RNS Number : 1992N
U and I Group PLC
07 August 2017
U and I Group PLC
Forward-funding secured for Circus Street, Brighton
U and I Group PLC (U+I, LSE: UAI or the "Company"), the
mixed-use property regeneration specialist, announces that it has
secured GBP70 million of forward-funding to develop Circus Street,
Brighton, in partnership with GCP Student Living plc, the UK's
first REIT focused on student residential accommodation, and Gravis
Capital Management Limited.
The Circus Street development is a GBP130 million mixed use
partnership with Brighton and Hove City Council. It will transform
a derelict municipal market into an innovation quarter and a
powerhouse for regeneration in the city centre. The plans for the
regeneration project include 142 new homes, 450 student bedrooms
and 30,000 sq. ft. of new office space. A new public square with
restaurants, shops and a dance space will also form part of the
development.
Construction has now begun on the project and the majority of
the buildings on site will complete in 2019.
Richard Upton, Deputy Chief Executive of U+I said: "Securing
funding for the Circus Street project is a key milestone and
enables construction to begin. The development shows how we can
create value through our proven planning and regeneration
expertise, whilst also delivering significant cultural and
socio-economic benefits to the local community.
"Large scale mixed-use Public Private Partnerships ("PPP") are a
core aspect of our strategy, enabling us to build a pipeline of
regeneration projects that deliver returns in a capital efficient
manner."
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
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