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U and I Group provides update on transactional activity

London-based real estate developer U and I Group PLC said Brexit related delays in decision-making and securing planning consents have impacted the timing of some of the company's projects.

The delays have been escalated due to coronavirus pandemic's impact on transactional activity and government policy, so there is no certain way to predict the timing or value of transactions.

The company said it is unlikely to complete by March 31 projects that were set out in its interim results guidance Nov. 20, 2019, to meet the lower end of £35 million of targeted gains for 2020.

U and I is in advanced legal discussions on many projects including Harwell, within its portfolio.

The company cannot provide a more detailed review of target gains due to confidentiality and it is managing its cost base and reducing its expenses and nonessential capital expenditure.

A post-close statement will be issued in early April containing information regarding gains, trading and its cost mitigation actions, the company said in a release.

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