U+I offloads Waitrose site in Ringwood, retains neighbouring units

Specialist regeneration developer and investor U+I announced the sale of the anchor Waitrose store in the Furlong Shopping Centre in Ringwood from its investment portfolio on Wednesday, to IM Properties, for £17.25m.

The London-listed firm said the sale price reflected a yield of 4.99%, and took disposals in the company’s investment portfolio to over the £50m target for the financial year ended 28 February.

It said the disposal, agreed on 28 February, was further progress against its strategic initiative to reposition its investment portfolio towards regeneration assets.

During its ownership, U+I's asset management skills had added “significant value” to the Furlong Shopping Centre, the board claimed, including the repositioning of the centre as a premium retail destination.

It would retain the adjacent retail units, which included a mix of quality national and independent stores.

“We have made further progress on our investment disposals strategy and we are pleased to have secured this sale above book value,” said chief executive Matthew Weiner.

“The company's investment portfolio is well placed to acquire new assets that will generate enhanced returns for our shareholders, where valuations are attractive.”