Update on major land sales
30 September 2020
Inland Homes plc
("Inland Homes", "Group" or "Company")
Update on major land sales
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, is pleased to confirm it has completed on the sale of two previously announced major land sales:
Wilton Park, Beaconsfield, Buckinghamshire
The completion of the sale of 94 plots at its flagship development site at Wilton Park in Beaconsfield to Bewley Homes plc, a specialist in high quality developments in the South East. As announced on 16 June 2020, the sale is part of phase one of the project, which totals 147 units including 27% affordable housing.
The consideration received represents a premium to the EPRA valuation.
Cheshunt Lakeside, Hertfordshire
The completion of the sale, via the Group's joint venture, Cheshunt Lakeside Developments Limited, of 195 plots at Cheshunt Lakeside, Hertfordshire project to a local housing association, B3Living where Inland Partnerships has entered into a contract with B3Living to construct 195 apartments in this Phase, in a deal worth £34.5 million.
The proceeds from the two sites were used to repay over £25 million of borrowings.
Stephen Wicks, CEO of Inland Homes comments:
"The completion of these lucrative land deals in a difficult economic environment, is testament to the high quality of Inland's assets and has also enabled us to reduce borrowings."
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 7 457 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