U+I has acquired the Arkley Golf Club in Barnet.
The developer bought the Golf Club for £0.3 million, and plans to take on the day to day running of what it describes as a “well-established Club” while keeping an eye on the long-term development potential.
Arkley Golf Club was one of the golf courses U+I was in discussions about acquiring at its Capital Markets Day in October 2019. It now has six current or former golf courses in its development and trading portfolio, comprising approximately 515 acres and with a combined Gross Development Value of £1.4 billion. These have the potential to deliver long-term development gains. U+I is targeting c.£80 million of gains from these opportunities over the next eight years.
Matthew Weiner, CEO of U+I said: “The strategic acquisition of Arkley Golf Club secures its future, allowing the Club to stay open for the local community, whilst enabling U+I to strengthen its golf course portfolio. We are very cognisant of preserving cash in the current climate. However, the Board will continue to review acquisitions like this one on a case by case basis where it believes they will strengthen U+I’s portfolio and have the potential for longer-term value creation.”