Manchester developer U+I has said it is confident for its future and its recovery from the Covid-19 crisis despite a "challenging" 12 months that produced disappointing financial results.
U+I, one of the firms behind £1.5bn plans for the Mayfield development, said the city will be a "major beneficiary" of post-Covid regeneration - and that will present "opportunities to continue to strengthen" its portfolio.
The North West firm has a development pipeline of over £10.8bn.
In annual results released on Wednesday, the firm reported development gains of £11m - below the target for between £35m and £45m, and a pre-tax loss of over £58m.
Matthew Weiner, chief executive, said: "The last twelve months have been challenging, to say the least, and this is reflected in our results.
"Confidence briefly returned to the market in early 2020 with strong interest in commercial and residential space following the General Election. However, the onset of Covid-19 caused most decision-making and development progress to grind to a halt.
"The socio-economic impact of Covid-19 will continue, at least for the short-term, driving new trends and behaviours.
"However, the challenges of Covid-19 bring about real opportunities for companies like ours as they accelerate the structural need for inspiring, affordable, convenient mixed-use spaces where communities can thrive.
"Our business model, centred on regenerating underestimated sites, often too complex for others, means we are particularly well-placed to benefit from this demand, as - more than ever - the public and private sector rely on trusted partners to help them to unlock value from their existing assets, many of which are rich in history and character.
"It is also a time to consider opportunistic acquisitions that strengthen our development, trading and investment pipeline.
"Our existing pipeline is primed for the delivery phase, with resolution to grant planning or planning consent already in place for over 6 million sq.ft. across our portfolio."
The Mayfield development in Manchester, hoped to eventually created thousands of jobs, will mean 1,500 homes and 2.3m sq ft of office space.
It's hoped to become a new cultural hub for the city, one which sparks regeneration into surrounding areas.
Mr Weiner added: "We have responded quickly to the unfolding Covid-19 pandemic, strengthening our balance sheet and accelerating our efficiencies programme, which will enable us to emerge stronger once markets start to normalise.
"Our size, agility and distinctive approach, combined with our efficient capital structure, give us confidence that we will deliver on our future targets.
"We are excited about the opportunities ahead for our business and remain focused on our purpose - to unlock potential for all through regeneration."
