U and I Group PLC agreed to partner with a McArthurGlen-led consortium to develop a £160 million, 26,500-square-meter designer outlet project in Cannock, U.K.
U and I holds a 12.5% stake in Cannock Designer Outlet Ltd. Partnership. The consortium, comprising McArthurGlen, The Richardson Family, and Aviva Investors on behalf of Aviva Life and Pension, acquired the remaining 87.5% interest.
Following the fulfillment of necessary conditions, U and I subsidiary Development Securities (Cannock) Ltd. will transfer its right to acquire the site, along with certain related work in progress, to the partnership, according to a release from U and I.
