Regeneration specialist U+I has sold three non-core assets for £22.4m. The move comes as the company looks to focus its activities on three key regions – London, Manchester and Dublin.
The biggest of the disposals was the 161,500-sq ft Crown Glass shopping centre in Nailsea, Bristol, which sold for £11.15m. The centre is anchored by Waitrose. Two units at the Killingworth centre in Newcastle sold for £7.5m while 89-107 Queen Street in Cardiff fetched £3.75m.
U+I said the combined sale price was marginally below their aggregate book value as at 30 September 2019. After these sales, U+I said it had £25m in cash available to reinvest when conditions start to normalise.
CEO Matthew Weiner said: “It shows some resilience to have managed to complete these disposals at so close to aggregate half-year book value in this challenging environment, where decision-making has almost ground to a halt and valuations are increasingly pressured.”
