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Major PPP wins boost U+I's portfolio by £1.5bn

Four major PPP wins has helped U+I boost its portfolio by £1.5bn, according to the developer’s latest results.

Its development partner deal on the London Fire Brigade’s former HQ (pictured) as well as a revamp of Holborn Library has helped add £90m to U+I’s short-term pipeline and £1.5bn to the gross development value of its portfolio.

U+I was picked by the London Fire Brigade in March 2016 from a four-strong shortlist of bidders for the revamp of its historic HQ on the banks of the Thames.

In November the developer also secured a £200m contract along with Galliard Homes to regenerate an industrial estate in the Greenwich.

Commenting on the project wins, chief executive Matthew Weiner said: “This reflects our stated focus on large-scale PPP regeneration opportunities and underlines our leading reputation in this market.

“We were pleased to establish two specialist platforms during the year with Proprium Capital Partners and Colony NorthStar.

“These platforms allow us to acquire and deliver projects off-balance sheet, in line with our equity efficient approach, leveraging our equity and intellectual capital while generating fees to the business to offset overhead.”

However, the U+I chief sounded a warning over the effect of Brexit on the commercial property sector, stating it had delivered £35m of development and trading gains despite “the substantial hit to transaction activity following the EU referendum”.

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