FINANCE: Urban & Civic is planning £300m of Manchester redevelopments, having acquired three acres of land from Morgan Stanley Real Estate Funds earlier this week.
Urban & Civic plans to develop residential, student housing and new hotels in eight separate buildings at the site between 2017 and 2021, according to a results announcement this morning.
The company’s net asset value per share rose by 8.3% to 250p in the six months to 30 September, following Urban & Civic’s reverse takeover of Terrace Hill in April.
Manchester and Cambridge are “arguably the strongest two provincial UK markets”, according to this morning’s statement.
The value of the group’s single-largest scheme, land with planning consent for residential at Alconbury in Cambridgeshire, has increased by 58% to £15,400 per unserviced plot.
