U+I Group has realised a total profit of £2.7m from asset sales in Watford and Braehead.
In Watford, U+I sold Rembrandt House, a 40,000 sq ft office building with planning consent for a 43-unit residential redevelopment, to Henley Homes. The deal generated a profit of £700,000 for U+I.
In Braehead, Scotland, U+I sold a 103-room hotel to Whitbread £6.8m realising profits of £2m, an IRR of 18% per annum over the whole project.
U+I acquired the vacant hotel in 2010, upgraded it and secured a management contract with Louvre Hotels Group, which operates the hotel under its Campanile brand.
Matthew Weiner, chief executive officer, U+I said: “Today’s announcement adds to our progress towards realising our anticipated gains for the full year. We maintain our focus on delivering value from across our portfolio as we capture gains from our regeneration activities and dispose of mature assets, with the aim of recycling capital out of smaller projects into fewer, larger regeneration opportunities.”
