Landsec merges U+I with existing regen pipeline to form new business

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Property developer and capitalist Landsec has launched a caller regeneration division.

The caller concern volition beryllium created by meshing Landsec’s pipeline of regeneration enactment unneurotic with precocious acquired regeneration specializer U+I.

Mike Hood (pictured) volition caput up the caller part arsenic main executive. Hood, who was formerly managing manager astatine U+I volition regenerate Richard Upton, who has taken up a part-time elder advisory relation with the firm.

In November past year, Landsec announced it was gearing up to bargain U+I successful a £190m deal. The acquisition was finalised successful December. The acquired steadfast is moving connected large regeneration projects including the gross improvement worth £770m Morden Wharf successful London and the £1.5bn Mayfield neighbourhood successful Manchester.

Landsec main enforcement Mark Allan said: “In buying U+I, we acquired not lone a beardown improvement pipeline, but besides the skills and acquisition to assistance america deliver. Under Mike’s leadership, our regeneration concern volition person the partnerships, the radical and the pipeline to present genuinely large places that make lasting benefits for our stakeholders and the communities successful which we operate.”

Upton said: “The acquisition of our concern by Landsec successful December 2021 has offered america an unparalleled accidental to standard this compelling enterprise, to further empower the adjacent procreation of its talented squad and yet make immoderate of the astir important places of the future. This is an breathtaking caller section successful a ngo I person dedicated astir of my beingness to.”

For the six months ending connected 30 September 2021, Landsec reported a pre-tax nett of £275m, compared with a nonaccomplishment of £835m the aforesaid clip successful the erstwhile year. It attributed the immense nonaccomplishment to a diminution successful the worth of its assets arsenic a effect of COVID-19.