Springfield Properties PLC Sale of land for GBP4.2 million (5372V)

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RNS Number : 5372V

Springfield Properties PLC

04 December 2023

4 December 2023

Springfield Properties plc

("Springfield", the "Company", the "Group" or the "Springfield Group")

Sale of land for GBP4.2 million

Springfield Properties plc (AIM: SPR), a leading housebuilder in Scotland focused on delivering private and affordable housing, is pleased to announce that it has signed a binding agreement for the sale of approximately 45 acres of land for GBP4.2m. The land, which equates to 190 plots, is fully owned by the Group, such that the cash inflow to the Group will be GBP4.2m.

The Group will receive GBP830k on completion of the sale, which is expected later this month, with the remainder to be paid by 22 May 2024. The proceeds from the sale will support the Group's ongoing target to reduce Group debt.

Innes Smith, CEO of Springfield Properties, said: "We are pleased to have agreed another profitable land sale as we continue to deliver on our strategy to reduce our debt position. In the last two months, we have secured almost GBP10m in land sales, with the proceeds to all be received during the current financial year - and without any impact on our development pipeline for the coming years. We continue to receive strong demand for our large, high quality land bank. Accordingly, this sale, alongside others that we expect to conclude in the near-term, mean that we are well-positioned to meet our debt reduction targets."

Enquiries:

 
 Springfield Properties 
 Sandy Adam, Chairman 
  Innes Smith, Chief Executive Officer 
  Iain Logan, Chief Financial Officer       [phone] 
                                           ----------------- 
 
 Singer Capital Markets 
                                           ----------------- 
 Shaun Dobson, James Moat, Oliver Platts 
  (Investment Banking)                      [phone] 
                                           ----------------- 
 
 Gracechurch Group 
                                           ----------------- 
 Harry Chathli, Claire Norbury              [phone] 
                                           ----------------- 
 

Analyst Research

Equity Development and Progressive Equity produce freely available research on Springfield Properties plc, including financial forecasts. This is available to view and download here:

https://www.thespringfieldgroup.co.uk/news/updates-and-analyst-reports

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December 04, 2023 02:00 ET (07:00 GMT)