UK regeneration specialist and property developer U+I has created a joint venture with global real estate investor Colony NorthStar to invest in the London City, Manchester and Dublin office markets.
The platform plans to invest in underperforming office buildings in the three markets identified by the jv and deliver modern, high quality office space through improved planning, development, refurbishment and asset management.
The partnership will be seeded with two of U+I's existing assets, The Record Store at The Old Vinyl Factory in London and Donnybrook House in Dublin.
The Record Store in London is being renovated to create 60,000 ft2 of office space as part of U+I’s wider transformation of the 17-acre site. In Dublin, Donnybrook House is a 72,000 ft2 vacant building in a central location which will be repositioned for creative and tech-focused businesses.
U+I, which currently has a £5 bn portfolio of mixed-use projects, was created by the merger of Development Securities and Cathedral Group in 2014.
The deal with Colony NorthStar follows U+I's recent creation of a £200 mln joint venture with Proprium Capital, targeting income-generating assets in the London City region.
