Specialist regeneration developer U+I has said it is progressing on talks with potential investment partners on key developments worth around £2.7bn, although they remain in planning stages.
The news comes as U+I posts a mixed set of results for the six months to 30 September, after recording a £23.9m loss before tax. This widened from a £4.8m loss made in August last year.
The company, which changed its financial year end to March earlier this year, posted an operating loss of £14.4m during the six months, compared with an equivalent loss of £12.1m in the previous year.
Matthew Weiner, chief executive of U+I, told EG that the H1 results were as expected given it is seasonally weaker than H2, adding that the company seeks to achieve five planning consents in the next six months with a total GDV of around £2.7bn.
The firm submitted planning for the first phase of its £1.4bn scheme in Mayfield, Manchester. It expects to hear back on planning consent for Landmark Court, 8 Albert Embankment and Mayfield in the next six months.
It is in discussions with potential investment partners on these projects, with interest in particular from Asian, US and domestic investors in particular.
Weiner said the firm will also be putting in two further planning submissions at Greenwich, with £1bn GDV. These will be submitted in March.
Trading gains of at least £35m have been promised for the full year ending March 2020.
Basic NAV per share was 263p in September, down on 284p in August 2018.
Net assets attributable to shareholders decreased by £33.1m to £327m, compared with £360.1m in March. U+I said this was partly down to £9.5m of dividends declared in respect of the previous financial year.
Capital values declined by 3.2% on a like-for-like basis, including its share of joint ventures, on the back of the market decline in retail property values.
Net debt stood at £154.1m, representing gearing of 47.1%, compared with £139m and 38.6% respectively at the end of March.
U+I said that in the first half of the year, the group repaid £12.4m of debt relating to its Bromley development. Since the end of the half year, a further £5m has been repaid and the remaining £20.3m will be repaid before 31 March from sales proceeds.
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