Saturday 10 December 2016

U+I eyes 'significant opportunities' in Dublin market as firm beats targets

Published 19/10/2016 | 08:46

U+I is developing the Vertium Building on Burlington Road in Dublin
U+I is developing the Vertium Building on Burlington Road in Dublin

Property group U+I is eyeing further opportunities in the Dublin commercial property market, chief executive Matthew Weiner has said.

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Mr Weiner was speaking in the publication of the company's interim results where he said the business was gaining momentum since its merger two years ago.

"We remain committed to Dublin as one of our three core regions as we see significant opportunities in the market and will continue to build on our work to date with our local partners.

"We continue to explore the opportunity to create a specialist platform to meet the growing need for affordable rental housing across our portfolio of sites in key regions and are advancing other partnerships to leverage the expertise we have in specific sectors of the market," he said.

The commitment to developing affordable rental accommodation will come as welcome news to tenants in the capital where rents have continued to soar.

The firm posted an £11.5m (€12.8m) gain in developments and trading during the first half of the year, pushing it ahead of the original £8m guidance set at the start of the year.

U+I, which was formed through the combination of Cathedral Group and Development Securities, has also secured a further £11m in development and trading gains since August, rising to £22.5m for the year.

Brexit has caused the company's investment portfolio to wane during the first half of the year with a relative capital decline of 5.2pc.

Despite the challenging backdrop U+I is tipping its development and trading gains for the year to reach between £35m and £40m.

In the first six months of the year the firm moved forward with a number of developments in Dublin.

Planning permission was secured for a complete refurbishment at Donnybrook House in D4 and for 'The Avenue' in Sandyford.

All apartment units are sale agreed at Percy Place with commercial space sold to Irish Life.

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