U+I Group has formed a new joint venture (JV) with investment management firm Colony NorthStar.

The new platform will invest over £260 million in office refurbishment projects throughout the London, Manchester and Dublin markets.

Each partner owns 50% of the JV, which will "add value to underperforming office buildings through improved planning, development, refurbishment and asset management".

The first two schemes to be undertaken are the The Record Store, at The Old Vinyl Factory in London and Donnybrook House in Dublin.

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In addition, the 67,000 sq ft Ballymoss House building in Dublin has been acquired and will be immediately refurbished.

Matthew Weiner, Chief Executive of U+I, said: "We're delighted to be partnering again with Colony NorthStar. The specialist platform will target opportunities to develop high quality office space where there are limited options for new build."

Stefan Jaeger, Managing Director at Colony NorthStar, added: "With a high-quality portfolio of seed assets and a strong pipeline in markets with attractive fundamentals, we look forward to creating a preeminent portfolio of Grade A office space and leveraging Colony NorthStar's expertise in the creation of scalable platforms."

Image: CGI of Donnybrook House scheme in Dublin.

(LM/MH)