It is set in UC 0097, right after the events of Gundam UC, which happens on UC 0096.
From the announcement, it looks like the new anime will be featuring Unit 3 of the Unicorn Gundam line, the Phenex.
And it looks like it will be an anime movie, and it will premiere in November 2018 in Japan.
Expect Sunrise to make more announcements about this new anime soon.
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