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Developer Development Securities is to rebrand and change its name to U + I.

Chief executive Matthew Weiner announced the name change, which is subject to shareholder approval, while reporting the developer鈥檚 interim results to the City. He said it would formalise the integration with Cathedral Group and 鈥渃aptures the vision and values of our evolved business.鈥�

He also said the integration of Cathedral 鈥� which was bought for an initial 拢20.9m in May 2014 but which could rise to 拢27.4m 鈥� was 鈥渓argely completed鈥�.

In the six months to 31 August 2015, Development Securities reported a pre-tax profit of 拢1.8m, down from 拢18m the previous year.

However, the firm said last year鈥檚 figure was reported before exceptional costs relating to 拢7.9m for the restructure of Euro denominated loan notes and 拢2.7m relating to the acquisition of Cathedral.

It also reported revenue of 拢75.6m in the six months to 31 August 2015, down from 拢92.4m for the same period the previous year.

Development Securities said it has also secured five new regeneration projects in 鈥渨ell-connected London City region locations鈥� which it says demonstrates its ability to acquire off market regeneration opportunities.

The firm has secured three 鈥渨ell-let, income-producing鈥� sites in Charlton, London for 拢15.1m at a blended net initial yield of 3.5 per cent, and has entered into a joint venture with a fund managed by Proprium Capital Partners L.P. to co-fund the acquisition of the sites.

Dev Secs has also secured two regeneration sites in Maidstone and Ashford in Kent.

In Maidstone, the firm has exchanged contracts to acquire a 4.9-acre site that benefits from an existing planning consent for 192 residential units and 180,000 sq. ft. of commercial space.

While in Ashford, it has completed the purchase of a nine-acre site for 拢4.8m and simultaneously secured the sale of four acres of the site to a residential developer.

Dev Secs will now progress a masterplan for a mixed-use development of the remaining five-acre site.