Landsec swoops for regeneration specialist U&I in £190m deal

The firm’s current pipeline includes the Modern Wharf site at Greenwich Peninsula, with plans for 1,500 homes, warehouses and shops. It also has a £1.4bn mixed-use 24-acre project in Manchester known as Mayfield, including plans for 1,500 homes.

Landsec launched a strategy last October to drive opportunities in London and other major cities, while moving away from retail parks, leisure and hotels.

Mark Allan, Landsec’s chief executive, said today: “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.”

The company added: “The COVID-19 pandemic has accelerated the blurring of lines between where people live, work and socialise. In response to this, mixed-use developments with a clear sense of place are becoming a more important part of the fabric of cities.”

Richard Upton, U&I’s chief executive, said: “This acquisition represents a compelling opportunity to bring together two companies with strong and clear complementary value systems.”

The deal is expected to complete next month or “early 2022”, the companies said.