Property developer and urban space regeneration investor U+I Group PLC (LON: UAI) today announced that it had secured planning permission to enhance its third largest asset.
The Company notified shareholders that it had secured permission for a ‘mixed-use scheme’, which included the construction of new home and a multi-storey car park at Swanley Shopping Centre in Kent.
Part of the existing shopping centre and car parking facilities will be transformed into three hundred new homes, 46,479 sq. ft. of additional commercial space, a new community facility and a multi-storey car park.
In addition to the raw revenue these new property and amenity assets will generate, the Company told investors that the value of the asset as a whole will be increased by the increased footfall these changes will create.
U+I comments
Speaking on the update, U+I CEO Matthew Weiner stated,
“The Inspector’s decision found strongly in favour of this imaginative, mixed-use development in Swanley, which is located less than thirty minutes from Central London in an area of huge potential. It is a strong demonstration of our integrated regeneration business plan and one of many such opportunities within our portfolio, as we look to maximise the value of our assets.”
Investor notes
Following the update, the Company’s shares have rallied 0.99% or 1.40p to 143.00p a share 05/09/19 13:53 BST. Peel Hunt analysts reiterated their ‘Buy’ stance on U+I Group stock. The Group’s p/e ratio is 36.59, their dividend yield is 4.13%.
Elsewhere in property development and estate agency news, there have been updates from; Hunters Property PLC (LON: HUNT), GCP Student Living plc (LON: DIGS), Barratt Development Plc (LON: BDEV), Belvoir Group PLC (LON: BLV), Tritax Big Box REIT PLC (LON: BBOX), Intu Properties plc (LON: INTU) and LSL Property Services plc (LON: LSL).