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  0.00 0.0% 54.70 54.40 55.00 54.70 54.20 54.70 124,974 14:48:11
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Real Estate Investment & Services 124.0 3.7 0.8 69.2 125

Inland Homes PLC Refinancing of facilities at Cheshunt Lakeside

02/12/2021 6:59am

UK Regulatory (RNS & others)


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RNS Number : 2738U

Inland Homes PLC

02 December 2021

2 December 2021

Inland Homes plc

("Inland Homes" or the "Group")

Refinancing of facilities at Cheshunt Lakeside, Cheshunt

Inland Homes plc, the brownfield developer, housebuilder and regeneration specialist focused on the South and South East of England, today announces the refinancing, through its joint venture Cheshunt Lakeside Developments Ltd (CLDL), of facilities at Cheshunt Lakeside, Cheshunt where consent was secured in 2019 for 1,725 homes, together with significant employment and community facilities.

The Group has procured a mezzanine loan facility of GBP14.25m with Homes England on considerably more favourable terms than the previous facility, together with a GBP7.4m infrastructure facility and an additional interest and fees roll-up facility of GBP2.85m. The facility is available to 21 March 2024, with repayment due by 31 December 2026.

The Group has also increased the existing facility with Paragon Development Finance (Paragon) by GBP1.75m, with repayment due by 30 June 2023.

The refinancing with Homes England will reduce CLDL's funding costs significantly. Further savings will be achieved on repayment in full of the Paragon facility, when the margin charged by Homes England will be reduced.

Separately, the Group is also pleased to announce it is in advanced negotiations with a major Build to Rent fund for the development of Phase 1b, comprising 205 homes. Further details will be announced in due course. Through Inland Partnerships, the Group is currently constructing 195 homes within Phase 1a on behalf of a local housing association, following the sale in 2020.

Chief Executive Stephen Wicks commented:

"We are delighted to have procured this facility with Homes England as well as extending existing facilities with Paragon which will reduce funding costs at Cheshunt Lakeside significantly.

"We are also pleased to announce that we are in advanced negotiations with a major Build to Rent fund for the development of Phase 1b, which will result in a further 205 new homes commencing shortly."

Enquiries

 
Inland Homes plc:                Tel: +44 (0)1494 762450 
Stephen Wicks, Chief Executive 
Nishith Malde, Finance Director 
Gary Skinner, Managing Director 
 
Panmure Gordon (UK) Limited      Tel: +44 (0)20 7886 2500 
Dominic Morley 
Erik Anderson 
 
Instinctif Partners              Tel: +44 (0)20 7457 2020 
 Tim McCall 
Galyna Kulachek 
Bryn Woodward 
 
 

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR").

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.

Environmental, Social and Governance credentials

Inland Homes is committed to ensuring its land, housebuilding and partnership housing activities leave a positive lasting legacy. As specialists in brownfield site regeneration the Group already has a proud history of adding lasting value through its expertise and experience in site remediation, which allows derelict and near derelict land to be regenerated and used for the construction of new homes.

Inland Homes takes its position as an industry leader extremely seriously and has developed its Environmental, Social and Governance (ESG) framework against the broader backdrop of an escalating global climate issue. The Group's ESG framework, which has been aligned to four of the UN Sustainable Development Goals, sets out our high-level commitments. Using this framework, we are now focused on developing a full ESG strategy. The strategy will identify clear goals and metrics to enable us to measure and report on our performance and success in this space.

For further information, please visit the Inland Homes website at: www.inlandhomesplc.com

Hugg Homes - www.hugghomes.co.uk

Rosewood Housing - www.rosewoodhousing.co.uk

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December 02, 2021 01:59 ET (06:59 GMT)

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