U+I’s pipeline includes projects such as new homes at Morden Wharf
(Picture: U+I)Property giant Land Securities has swooped to buy regeneration specialist U+I, in a £190 million deal that will give it more major post-Covid building opportunities in London.
In a vote of confidence that the capital will remain an attractive place for people to live and work in, FTSE 100 firm Landsec has proposed an all-cash offer at 149p per share, which U+I directors have recommended.
Thats marks a 73% premium to the latter’s closing price of 86p per share on Friday.
The tie-up would bring together developer and landlord Landsec, which has a £10.8 billion real estate portfolio, with a company known for working on large regeneration projects.
Schemes currently in U+I’s pipeline include the Morden Wharf site, Greenwich Peninsula , where there is scope for 1500 homes, warehouses and shops.
The move comes a year after Landsec chief executive Mark Allan unveiled a strategy looking to exit retail parks, leisure and hotels to focus on projects in London and other regional cities.
The company today said in a statement: “Mixed-use developments with a clear sense of place are becoming a more important part of the fabric of cities.”
The firm added that U+I management team, which is led by Richard Upton, will “materially enhance Landsec's placemaking skills”.
Rothschild is advising U+I, whose shares soared 62p, or 72%, to 148.08p, and Landsec is working with UBS.
