U&I Group collects £4.9m from realisation of Maidstone and Kent projects
(ShareCast News) - Portfolio regeneration company U and I Group (UAI) announced it turned a £4.9m of profit on Wednesday after the disposal of its Maidstone and Kent projects.
UAI secured planning permission for a £65m residential regeneration of a former brownfield site in Maidstone which had been sold to a regional housebuilder, and in Kent contracts have been exchanged for the sale of a mixed-use project on a derelict six-acre site for which the group had secured permission for a £70m regeneration project back in November 2016.
Matthew Weiner, chief executive at UAI, said the announcement "underpins a core part of our strategy - securing overlooked sites in well-connected towns in the London City Region where we are able to unlock long-term socioeconomic value for communities and a strong return for our shareholders."
He said the firm would be, "working closely with the council and the community," noting it had "carefully designed and planned regeneration projects that will help to stimulate growth, provide new jobs homes and investment."
As of 0900 BST, shares were holding steady, up just 0.27% to 184.00p.