U+I goes on hunt for acquisitions
The regeneration investor, part of the consortium delivering the £1.4bn Mayfield project, is looking for acquisitions to bolster its development pipeline, with “major city regions” including Greater Manchester the focus of its search.
London Stock Exchange-listed U+I said in a statement: “We’re looking to acquire land, either directly or in joint venture partnership, in London, the South East, Dublin and other major city regions.
“Now is the time to invest in the recovery of our economy and the communities that will drive it forward.”
The company said in the statement, part of an advert published in trade media this week, that it is looking to invest minimum initial capital of £500,000 to £10m, and is targeting income-producing land investments, with a minimum 5% yield.
Sites should have “long term mixed-use regeneration potential through planning and development or asset management”, the statement added. For example, these might include golf courses or brownfield sites within the Green Belt, it said.
Place North West has contacted U+I for further information about its plans, including the amount it is hoping to invest.
U+I is part of the Mayfield Partnership, which also comprises Manchester City Council, LCR and Transport for Greater Manchester. The consortium is regenerating a 24-acre site around the derelict Mayfield Depot next to Piccadilly train station in Manchester into a mixed-use scheme and 6.5-acre public park, and won planning approval for the first phase of the scheme, a 32,000 sq ft office block and public park, in February.
U+I last month warned that some of its other projects across the UK face delays due to the impact of the coronavirus pandemic. It decided to withdraw financial guidance to investors on future schemes because of this and had earlier said it expects to miss its £35m earnings target for the full year 2020 amid ongoing economic uncertainty.
U+I’s share price was up 3% on Friday morning. The company has a market capitalisation of £124.1m.