UandI joint venture
On 18 January 2017, the London-based property regeneration company U+I announced it was forming a joint venture with the American developer Colony NorthStar Inc. The joint venture will spend €300m on office refurbishment jobs in London, Manchester and Dublin.
According to U+I, the joint venture, in which each partner will own 50%, will transform “underperforming office buildings through improved planning, development, refurbishment and asset management.”
U+I has made an initial capital contribution of €14 million and seeded the joint venture with two assets: The Record Store, at The Old Vinyl Factory in London and Donnybrook House in Dublin.
The Record Store is being repositioned to create 60,000 sq. ft. of creative office space as part of U+I’s wider transformation of the 17-acre site.
Donnybrook House is a 72,000 sq. ft. vacant building in a prominent location in central Dublin which U+I will refurbish to meet the demands of creative and tech focussed businesses.
Most recently Ballymoss House, a 67,000 sq. ft. third generation office building, has been acquired in Dublin for €13.5 million. The property will be immediately refurbished.
Matthew Weiner, Chief Executive of U+I, said:
“The specialist platform will target opportunities to develop high quality office space where there are limited options for new build.
“There is currently a shortage of offices across U+I’s core locations which provide the right space or environment to satisfy the needs of today’s modern enterprises.
“Office refurbishment is one of U+I’s core skills, this platform will allow us to deliver workplaces tailored for the 21st century and create value through our expertise in planning, development, refurbishment and asset management.”
--U and I
[edit] Find out more
[edit] Related articles on Designing Buildings Wiki
Featured articles and news
The act of preservation may sometimes be futile.
Twas the site before Christmas...
A rhyme for the industry and a thankyou to our supporters.
Plumbing and heating systems in schools
New apprentice pay rates coming into effect in the new year
Addressing the impact of recent national minimum wage changes.
EBSSA support for the new industry competence structure
The Engineering and Building Services Skills Authority, in working group 2.
Notes from BSRIA Sustainable Futures briefing
From carbon down to the all important customer: Redefining Retrofit for Net Zero Living.
Principal Designer: A New Opportunity for Architects
ACA launches a Principal Designer Register for architects.
A new government plan for housing and nature recovery
Exploring a new housing and infrastructure nature recovery framework.
Leveraging technology to enhance prospects for students
A case study on the significance of the Autodesk Revit certification.
Fundamental Review of Building Regulations Guidance
Announced during commons debate on the Grenfell Inquiry Phase 2 report.
CIAT responds to the updated National Planning Policy Framework
With key changes in the revised NPPF outlined.
Councils and communities highlighted for delivery of common-sense housing in planning overhaul
As government follows up with mandatory housing targets.