Announcement of two sales worth £52.8m
1 October 2020
Inland Homes plc
("Inland Homes", "Group" or "Company")
Inland Homes announces two sales worth £52.8m to two separate 'Build to Rent' Funds
Inland Homes ("Inland Homes" "the Group" or "the Company"), the leading brownfield developer, housebuilder and partnership housing company with a focus on the south and south-east of England, today announces two sales to two separate 'Build to Rent' Funds within its Centre Square and Buckingham House developments in High Wycombe.
Centre Square, High Wycombe
The Group has completed the unconditional sale of 123 units and amenity space via its joint venture, High Wycombe Developments Limited at its Centre Square development in High Wycombe to a well-established Real Estate Investment Manager for £31.5 million.
The units have been purchased as a 'Build to Rent' scheme, with the accommodation to be offered for private rent.
The contract is for a land and build package, with Inland Homes to complete the build by March 2021.
The contract has been structured so that £15.75 million has been received on completion with monthly staged payments through to practical completion in early 2021.
Buckingham House, High Wycombe
Additionally, the Group announces the exchange of contracts for 85 units at Buckingham House, High Wycombe to a second 'Build to Rent' Fund.
The land and build contract is for a maximum of £21.3 million. A total of 10% was payable on exchange, with the balance payable on completion, which is targeted for early 2022.
The proceeds from the two sales will enable further debt reduction and provide cash flow that will be reinvested into the Group's operations.
Stephen Wicks, CEO of Inland Homes comments:
"We have a substantial number of sites which are suitable for rental housing and as we reported in last year's accounts, securing 'Build to Rent' opportunities has been a priority for the Group this year.
"We are delighted therefore to announce these latest land sales at Centre Square and Buckingham House to two highly-respected operators in this market.
"As these deals evidence and following the completion of land sales at Wilton Park and Cheshunt Lakeside, there is sustained demand from investors, housing associations and other developers for our high-quality land assets and our build expertise.
"This is particularly pleasing and a testament to the Group when considered against the ongoing global COVID-19 economic uncertainty."
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
Tel: +44 (0) 20 7457 2020
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