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Tue June 15 2021

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Capco MD moves to U+I

8 Jul 20 Property developer U+I has recruited Capco managing director Mike Hood as director of development to lead its regeneration team.

Mike Hood
Mike Hood

Mike Hood joins U+I after nine years with Capital & Counties Properties (Capco), where he was involved in the master planning of Earls Court.

He joins Martyn Evans (creative director), Mark Richardson (director of delivery) and Malcolm Hockaday (director of planning) on a new senior management team that will run U+I’s operations, reporting to the plc board.

The appointment comes after the developer secured planning consent for Landmark Court in Southwark, a joint venture partnership with Transport for London that plans to build 200,000 sq ft of commercial space, 36 new homes and public realm improvements.

U+I has also recently submitted plans for Morden Wharf, a regeneration scheme on Greenwich Peninsula.

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Mike Hood said: “I’m very excited to be joining the U+I team who have a proven track record of creating and delivering public and social value alongside economic value. Working together we have a fantastic opportunity to drive the business forward from a strong base with a clear strategic plan to generate significant value for shareholders whilst holding true to our core belief that development must deliver at a local scale, putting people and communities first.”

U+I has also announced its financial results for the year to 31st March 2020, showing a £58.6m loss before tax. This was largely comprised of investment portfolio revaluations (£13.5m) and provisions from two historical projects at 399 Edgware Road (£9.5m) and Bromley (£10.6m).

On the plus side, it made £9.3m from the sale of its 25% stake in the Harwell science campus in Oxfordshire and £4.3m on completion of the Preston Barracks scheme.

“In respect of Bromley, we have finally settled the contractual position with the main contractor, “ said chief financial officer Marcus Shepherd. “This process has taken far longer to conclude than anticipated and further costs have been incurred to conclusion as building regulations and certification requirements have changed. This has led to a significant reduction in the amounts previously anticipated as recoverable and also a reduction in amounts available to mitigate this settlement.”

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