U+I expects to deliver £65m-£70m in trading and development gains in its 2018 financial year, the developer has said, after announcing a £160m joint venture in Mill Hill, Cannock, near Birmingham, has been agreed unconditionally.
It is working with a consortium managed by McArthur Glen to deliver a £160m 285,000 sq ft designer outlet in Mill Hill.
U+I has the option to retain a 12.5% stake once the project is completed, which it would hold in its investment portfolio.
Matthew Weiner, chief executive of U+I, said: “Our realisation of profits at Cannock is another significant achievement for U+I and we remain on target to deliver £65m-£70m of trading and development gains in FY18.
“This exciting project to develop a 35-acre greenfield site into an easily accessible designer outlet village will deliver a vibrant mixed-use destination and stimulate the local economy. We will also benefit from the long-term performance of the asset through the retained stake in our investment portfolio.”
U+I’s financial year ends today and its results will be announced on 26 April.
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