Land Securities Group has agreed to buy developer U&I Group PLC for £190 million (€224 million/$260.1 million) in cash.
The London-listed, commercial-property developer and investment company said it is paying 149 pence in cash for each U&I share, a 73 percent premium to its closing price of 86 pence on Friday.
“The combination of Landsec and U&I is compelling and will help us accelerate our strategy, both by introducing exciting new urban development opportunities and by further strengthening Landsec's front-end-development capabilities and placemaking skills,” said Mark Allan, Land Securities chief executive.
U+I provides access to a significant pipeline of mixed-use development schemes, located in Mayfield, Manchester and Morden Wharf, and Greenwich Peninsula.
