U and I boss set for £6m windfall after £190m sale to Land Securities

Boss of property developer U and I set for £6m windfall after £190m sale to Land Securities


U and I boss Richard Upton (pictured) has a 3.4 per cent stake in the group

U and I boss Richard Upton (pictured) has a 3.4 per cent stake in the group

The boss of property developer U and I is set to scoop more than £6million after Land Securities agreed to buy it for £190million.

Richard Upton has a 3.4 per cent stake in the group he has led since it was formed in 2014, worth £6.3million under the terms of the deal. 

U and I specialises in developments with a mix of residential and commercial properties and large open spaces. 

Commerical property developer Landsec said it believed these types of sites are going to be more popular after the pandemic – which has spurred what many believe is a permanent trend of working from home for at least some of the week.

A Landsec spokesman said: ‘The Covid-19 pandemic has accelerated the blurring of lines between where people live, work and socialise.’

Landsec’s £9.5billion property portfolio includes the Piccadilly lights and advertising billboards in London.

source: dailymail.co.uk