The property giant is set to buy urban regeneration specialist U+I for around £190M, giving it a significant new pipeline of mixed-use regeneration schemes in London and Manchester.
U+I has been acquired through Landsec’s newly-formed subsidiary LS Development and it is expected that the company will see value from combining U+I’s portfolio of regeneration projects that need funding with their own development expertise and strong balance sheet. The purchase will speed up the development of three U+I sites.
These sites include the Manchester Mayfield scheme, where some work has already begun in site. When complete this project will bring together 2 million square feet of office, retail and leisure space along with a 6.5 acre public park. The additional two sites are situated in London and consist of Modern Wharf on Greenwich Peninsular and Landmark Court.
Mark Allan, Chief Executive, Landsec, commented: “Developing truly world-class mixed-use communities that inspire and create opportunity is more important than ever. The combination of Landsec and U+I is compelling and will help us accelerate our strategy, both by introducing exciting new Urban development opportunities and by further strengthening Landsec’s front-end development capabilities and placemaking skills.”
