Under the terms of the acquisition, U+I shareholders will be entitled to receive 149 pence for each share, with the entire purchase valued at approximately £190m.

The acquisition was unanimously recommended by U+I directors, and is set to add core regeneration assets to Landsec's development pipeline, including two mixed-use schemes currently in progress — Mayfield in Manchester and Morden Wharf in Greenwich Peninsular — and its Landmark Court office-led development in Southwark, which has received planning consent.

•   An interview with PBL: Due diligence for developments is becoming 'more involved'
•   Candy Ventures in early stages of considering possible cash offer for Capco
•   Avenue Capital Group acquires majority stake in Zorin Finance

Mark Allan, CEO at Landsec, said: "Developing truly world-class mixed-use communities that inspire and create opportunity is more important than ever. 

“The combination of Landsec and U+I is compelling and will help us accelerate our strategy, both by introducing exciting new urban development opportunities and by further strengthening Landsec's front-end development capabilities and placemaking skills. 

“Landsec has tremendous potential, and this transaction is an example of our ability to capitalise on our strengths and create future value for all of our stakeholders, investors, employees, communities and partners alike."

Richard Upton, CEO at U+I, commented: "This acquisition represents a compelling opportunity to bring together two companies with strong and clear complementary value systems. 

“U+I's core portfolio of large mixed-use regeneration schemes can now achieve its full potential with the capital, experience and market positioning that Landsec can provide. 

“U+I's purpose to effect valuable social and economic changes through authentic, inclusive regeneration is an important proposition for Landsec and the wider industry. 

“This acquisition demonstrates confidence in our highly skilled and valuable team and for our many joint venture partners. 

“Our strategy to re-focus on what we do best has proved to be highly effective in capturing value for our existing shareholders and providing Landsec with an opportunity to unlock future value from our regeneration pipeline. 

“We look forward to a hugely productive and exciting new future with Landsec."