Inactive Instrument

U and I Group

Equities

UAI

GB0002668464

Development Securities : enters into a joint venture arrangement at Telegraph Works, Greenwich

January 02, 2015 at 02:45 am IST

Development Securities enters into a joint venture arrangement at Telegraph Works, Greenwich

29 Dec 2014

Development Securities today announces that its wholly owned subsidiary, Cathedral Group (Cathedral) has signed a joint venture agreement with Weston Homes to undertake a residential-led regeneration development at the Telegraph Works site on the Greenwich Peninsula in London.

Under the terms of the transaction, Weston Homes will pay an initial £19.1 million for the majority of the land on which it will construct 256 apartments and 16 townhouses. This initial disposal realises profits of circa £9.0 million to Development Securities with further profits to be generated upon disposal of the completed townhouses.

Telegraph Works forms part of a larger site that is currently owned and operated by Alcatel-Lucent, the global telecommunications company who run a factory and various operational facilities across the site. The project was one of the assets acquired as part of the acquisition of Cathedral in May 2014. In May 2013, Cathedral entered into a conditional land purchase agreement with Alcatel-Lucent, subject to planning, to bring forward the redevelopment of Telegraph Works. Planning consent was secured in October 2014 to include the delivery of 256 apartments and 16 townhouses as well as the refurbishment of the adjacent Alcatel-Lucent facilities.

Martin Wood, Cathedral's Managing Director said: "This sale and joint venture with Weston Homes will allow us to build on Cathedral's reputation for delivering excellent residential-led schemes in the Royal Borough of Greenwich. Our merger with Development Securities in May has enabled the strengthening of the Group's position as a significant residential developer with a portfolio that has over 600 units under construction."

Matthew Weiner, Director, Development Securities PLC said: "Today's announcement follows on from the recent positive news in respect of our residential joint venture and funding agreement with L&Q at 399 Edgware Road, London NW9. Both announcements underline our increasing involvement in the delivery of residential development in emerging locations in suburban London."

Michael Marx, Chief Executive, Development Securities PLC said: "Cathedral has exceeded our expectations in the added value crystallised by this transaction. The £9.0 million gain realised on Telegraph Works, just one of the 9 projects in their existing development portfolio, compares favourably against the total consideration of £27.4 million anticipated to be paid for Cathedral."

For further enquiries, please contact:

Martin Wood/Matthew Weiner/Marcus Shepherd/Lucy Grimble

020 7828 4777

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U and I Group PLC, formerly Development Securities PLC, is a property regeneration company. The Company's segments include Investment, which is engaged in the management of its investment property portfolio, generating rental income and valuation surpluses from property management; Development and trading, including management of its development and trading properties, and Operating, which consists of servicing of office operations. The Company has a portfolio of mixed-use regeneration projects in London, Manchester and Dublin. The Company's property portfolio are located at Brunel Place, Slough; Friarsgate Shopping Centre, Lichifield; Percy Place, Dublin; Telegraph Works, Greenwich; Valentine's House, Ilford; The Old Vinyl Factory, Hayes; The Square, Hale Barns, Manchester, and Wick Lane Wharf Hackney. The Company's subsidiaries include Development Securities Estates PLC and Development Securities (Investments) PLC.

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