Telford Homes PLC Update on United House Developments acquisition (5773F)

TIDMTEF

RNS Number : 5773F

Telford Homes PLC

29 July 2016

 
   29 July 2016 
 

Telford Homes Plc

('Telford Homes' or the 'Group')

Update on acquisition of the regeneration business of United House Developments

Telford Homes Plc (AIM:TEF), the London focused residential property developer, is pleased to announce the completion of the purchase of United House Group Holdings Limited ("UHGH") interest in Gallions Quarter and that it has secured a GBP110 million loan facility for its City North development. The purchase of the interest in Gallions Quarter was deferred from the original acquisition of the regeneration business of United House Developments ("UHD") from UHGH, as announced on 21 September 2015.

Gallions Quarter is a multi-phase development adjacent to Gallions Reach DLR station near Royal Albert Dock. The development is controlled by Notting Hill Housing Group ("NHHG") and Telford Homes is acquiring a 50 per cent interest in two of the phases to be developed in partnership with NHHG. NHHG and Telford Homes have already established a strong partnership on many other developments including a joint venture at Chobham Farm, Stratford. The first of these phases has a detailed planning consent for 292 new homes, which are due for completion in 2020. The second phase, which will commence after phase one has completed, has outline consent for a further 254 new homes. The area around the Royal Docks is experiencing significant regeneration and substantial commercial investment following the construction of a new Crossrail station at Custom House, which is due to open in 2018.

The loan facility to finance the development of City North a joint venture with The Business Design Centre has been secured from the LaSalle Residential Finance Fund. This will provide funding for the mixed use development comprising 355 apartments and 109,000 square feet of retail, leisure and office space adjacent to Finsbury Park station. Telford Homes has recently commenced work on site for this exciting scheme.

Since the time of acquisition, the Group has also made good progress on the other two developments purchased from UHGH. Planning consent has been secured at Balfron Tower, an iconic 26 storey grade II listed building in Poplar, consisting of 146 existing homes that are being fully refurbished. In addition a planning application has been submitted for the regeneration of Chrisp Street market which, along with providing new homes, will transform the area around the existing market square into a new commercial and leisure destination.

Jon Di-Stefano, Chief Executive of Telford Homes, commented: "The Board is very pleased with the progress made since September 2015 across all of the sites acquired from UHGH and we look forward to their successful development over the next few years."

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For further information:

 
 Telford Homes Plc 
 Jon Di-Stefano, Chief Executive         Tel: [phone] 
  Katie Rogers, Finance Director                   809 800 
                                   www.telfordhomes.london 
 
   Shore Capital - Nomad and 
   Joint Broker 
 Dru Danford / Patrick Castle                Tel: +44 (0) 20 
                                                   7408 4090 
 Peel Hunt LLP - Joint Broker 
 Charles Batten / Capel Irwin                Tel: +44 (0) 20 
                                                   7418 8900 
 
   Media enquiries: 
   Buchanan 
 Henry Harrison-Topham /                   Tel: +44 (0) 20 
  Vicky Hayns                                    7466 5000 
 [e-mail]          www.buchanan.uk.com 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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July 29, 2016 02:00 ET (06:00 GMT)