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INL Inland Homes Plc

8.50
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Inland Homes Plc LSE:INL London Ordinary Share GB00B1TR0310 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 8.50 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Inland Homes PLC Inland Homes sells interest in JV for £11 million (8464J)

03/07/2017 7:00am

UK Regulatory


Inland Homes (LSE:INL)
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TIDMINL

RNS Number : 8464J

Inland Homes PLC

03 July 2017

3 July 2017

Inland Homes plc

Inland Homes sells interest in joint venture for GBP11 million

Inland Homes plc (AIM: INL) ("Inland Homes", "the Group" or the "Company"), the leading brownfield regeneration specialist and housebuilder with a focus on the South and South East of England, is pleased to announce the following updates:

-- The sale of its 50% interest in Aston Clinton, a green field site in Aylesbury for GBP11 million;

   --     The signing of an option agreement for a 13 acre development site in Braintree, Essex. 

Inland Homes, together with its 50% joint venture partner Europa Capital, has completed the sale of its site in Aston Clinton, Buckinghamshire for a total sum of GBP22 million with the Group's share being GBP11 million. Inland Homes recently achieved a resolution to grant planning consent for 400 residential units and 105,000 sq ft of retail, leisure and commercial space on the Greenfield site. Inland anticipates entering into an agreement to manage the development on behalf of the purchasers and expects to secure significant construction contracts to build out the consented development.

In a separate transaction, the Group has secured a 13.1 acre site in Cressing, near Braintree, Essex. The site and yard, which currently includes facilities for both commercial and industrial uses, has been identified in Braintree District Council's Local Plan as capable of providing up to 70 new homes.

Paul Brett, Land Director at Inland Homes, commented:

"To have agreed the sale of our joint venture site in Aston Clinton so quickly after we secured planning permission for the development for 400 homes on site is a strong endorsement not only of Inland's broader business strategy, but also of the team's expertise in stock selection and navigating the planning system. Further to this, we have realized the sale at a price that means our share of the proceeds is GBP 0.5 million above the EPRA valuation attributed to this site at 31 December 2016.

"Combined with the previously announced sales of sites in West London, Farnborough and St. Albans, the second half of this year has seen a high level of significant and profitable activity across the business as we look to continue advancing our strategy and deliver both sites and completed developments in answer to the ongoing housing shortage in the UK. To this end, we have secured an option agreement on a 13.1 acre site in Cressing, Essex and will immediately set about realising the sites' potential by engaging with the key stakeholders. The addition of this site brings our strategic land bank total to 405 acres with the potential for up to 2,170 units."

Enquiries:

 
 Inland Homes plc:                              Tel: +44 (0) 1494 
                                                 762450 
 Stephen Wicks, Chief Executive 
 Nishith Malde, Finance Director 
 Paul Brett, Land Director 
 
 Stifel Nicolaus Europe Limited (Nominated      Tel: +44 (0) 20 
 Adviser & Broker):                              7710 7600 
 David Arch 
 
 
 FTI Consulting (IR & Media Relations):         Tel: +44 (0)20 3727 
                                                 1000 
 Dido Laurimore 
 Claire Turvey 
 Richard Gotla 
  Polly Warrack 
 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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(END) Dow Jones Newswires

July 03, 2017 02:00 ET (06:00 GMT)

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