Stock Market News
U+I purchase of Preston Barracks goes unconditional
Specialist regeneration developer and investor U+I announced on Monday that its contract to purchase the Preston Barracks site from Brighton & Hove City Council is now unconditional, allowing it to deliver one of Brighton's biggest ever mixed-use regeneration projects.
The AIM-traded firm simultaneously exchanged contracts to partner with Scape Student Living to deliver 534 student beds, realising gains in line with previous guidance.
Earlier this year, U+I secured planning consent - in partnership with the University of Brighton - to deliver a £300m gross development value mixed-use regeneration along the Lewes Road in Brighton, which incorporates the Preston Barracks site.
The scheme would comprise 369 new and affordable homes, 1,338 purpose-built student bedrooms in managed halls of residence, a new academic building for the University of Brighton and a 50,000 square foot "innovation hub" for start-ups and SME businesses.
U+I said the project was expected to create more than 1,500 jobs and add approximately £281m to the local economy.
"This is another significant milestone as we continue to make progress towards reaching our target of £65-70 million of development and trading gains for FY18," said deputy CEO Richard Upton.
"This project will breathe new life into a corner of Brighton that has lain derelict for decades.
"Working in partnership with Brighton and Hove City Council, we are on site delivering one of the most significant regeneration projects in the history of the city."
The AIM-traded firm simultaneously exchanged contracts to partner with Scape Student Living to deliver 534 student beds, realising gains in line with previous guidance.
Earlier this year, U+I secured planning consent - in partnership with the University of Brighton - to deliver a £300m gross development value mixed-use regeneration along the Lewes Road in Brighton, which incorporates the Preston Barracks site.
The scheme would comprise 369 new and affordable homes, 1,338 purpose-built student bedrooms in managed halls of residence, a new academic building for the University of Brighton and a 50,000 square foot "innovation hub" for start-ups and SME businesses.
U+I said the project was expected to create more than 1,500 jobs and add approximately £281m to the local economy.
"This is another significant milestone as we continue to make progress towards reaching our target of £65-70 million of development and trading gains for FY18," said deputy CEO Richard Upton.
"This project will breathe new life into a corner of Brighton that has lain derelict for decades.
"Working in partnership with Brighton and Hove City Council, we are on site delivering one of the most significant regeneration projects in the history of the city."
Related share prices |
---|
U And I Group (UAI) share price |
Stock News headlines are gathered from financial news sources around the web. Views and opinions on each item are from their respective authors and website. They are not opinions of LiveCharts.co.uk
Get a free widget for your website with our latest headlines.
You can now add our live prices and new headlines to your website.The news widget features quotes for Oil prices, spot Gold price and Indices plus a choice of news channel for healines.
Top Shares pages
- Share price quotes
- Share charts
- Share watch list
- Company Results Calendar
- Top Large UK Shares
- UK Market Sectors
- Stock market news
- Company news
- Share tips
- A-Z company search
More share features
POPULAR Share Prices
- Royal Mail share price
- Lloyds share price
- HSBC share price
- Barclays share price
- Prudential share price
- Santander share price
- NEXT share price
- Diageo share price
- BP share price
- Vodafone share price
- British Airways
- Centrica share price
- Tesco share price
- Taylor Wimpey Share Price
- National Grid
- GKP Share Price
- Marks and Spencer
- Rolls Royce
- Rio Tinto
- THG Share Price
- Aviva Share Price
- Boil Share price
- Easyjet Share Price
- Genedrive Share Price
- SSE Share Price
- IAG Share Price
- Boohoo share price
- HE1 share price
- AVCT share price
- BOOM share price