Inland Homes PLC Major Partnership Contract (5037V)

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RNS Number : 5037V

Inland Homes PLC

09 April 2019

9 April 2019

Inland Homes plc

Inland Homes agrees major partnership contract with leading housing association

Inland Homes plc, the specialist brownfield land development and housebuilder with a focus on the South and South East of England, has exchanged contracts for the sale and related development contract for its Merrielands Crescent site in Dagenham, East London with Clarion Housing Group, the UK's largest Housing Association.

The transaction is for a total land and build consideration of GBP77.7 million, with the land being sold for GBP14.0 million payable on completion. Inland Partnerships, the fast-growing construction arm of the Group, will undertake the development phase on behalf of Clarion, which is expected to take approximately three years.

The development of this four-acre site will comprise 325 residential units across a number of five to ten storeys apartment blocks, together with 1,514 sq. m of commercial space, 178 car parking spaces and associated amenity area.

The Merrielands Crescent site is in the heart of a major East London regeneration zone and is already leading to other potential similar opportunities in the area.

This contract evidences the appeal of Inland's turnkey solution for strategic partners and further strengthens the Group's existing relationship with Clarion, for whom Inland is currently building 135 units in Alperton, West London. These partnership transactions enable Inland to recognise land profits whilst also securing cash positive construction contracts that provide a balance to open market speculative housebuilding.

Inland now has a record forward order book of over GBP145 million in its Partnership housing division.

Inland currently has 1,455 homes under construction for private sale and this latest partnership contract brings the total number of homes being built for housing associations to over 800.

Stephen Wicks, CEO of Inland Homes commented:

"This is an important transaction for Inland and a significant build contract for our fast-growing Partnerships business.

"This contract further evidences our high-quality land holdings and demand for our turnkey proposition as we complete our transition from a business that was predominantly focused on land trading to a business predicated on delivering our stated medium-term target of 1,000 homes per annum."

Enquiries:

 
 Inland Homes plc:                 Tel: [phone] 
 Stephen Wicks, Chief Executive 
 Nishith Malde, Finance Director 
 Gary Skinner, Managing Director 
 
 Panmure Gordon (UK) Limited       Tel: [phone] 
 Dominic Morley 
  Erik Anderson 
 
 Instinctif Partners               Tel: [phone] 
 Mark Garraway 
  James Gray 
 
 

Notes to Editors:

Incorporated in the UK in 2005, Inland Homes plc is an AIM listed specialist housebuilder and brownfield developer, dedicated to achieving excellence in sustainability and design.

Inland Homes acquires brownfield land in the South and South-East of England principally for residentially led development schemes. The business then enhances the land value by obtaining planning permission, before building open market and affordable homes or selling surplus consented land to other developers to generate cash.

The Company is committed to extensive public and community consultation in order to ensure that, where possible, local community needs and objectives are met.

Inland's aim is to create sustainable communities and homes which set a benchmark for all future developments in the South and South East of England. The Company is always looking for brownfield sites without planning permission for future development.

For further information, please visit the Inland Homes website at www.inlandhomes.co.uk.

Hugg Homes - www.hugghomes.co.uk

Rosewood Housing - www.rosewoodhousing.co.uk

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April 09, 2019 02:00 ET (06:00 GMT)