£95M SALE AND DEVELOPMENT OF ASHFORD, MIDDX SITE

RNS Number : 5572Q

Inland Homes PLC

07 June 2018

 

7 June 2018

Inland Homes plc

INLAND HOMES AGREES £95M CONTRACT FOR SALE AND DEVELOPMENT

OF ASHFORD, MIDDLESEX SITE

Inland Homes plc (AIM: INL) ("Inland" or the "Group"), the specialist brownfield land developer and housebuilder with a focus on the south and south east of England, announces that it has today sold its Brooklands College site in Ashford, Middlesex, to A2 Dominion, one of the largest housing associations in the UK.

The transaction, which is the biggest land disposal by value undertaken by the Group to date, is for a total land and build consideration of £94.7 million, with the land consideration being £29.7 million in cash payable on completion. Inland Partnerships, the fast-growing construction arm of the Group, will undertake the development phase on behalf of A2 Dominion.

Completion of the land sale is expected by the end of this month, while construction work has already commenced on the 10 acre, town centre site, situated within the M25 and 10 minutes' drive from Heathrow Airport.

Expected to take four years, the development will comprise 357 high quality, one-to-five storey homes, 619 sqm of commercial space and the provision of 442 sqm of educational space, together with public open space, associated car parking and infrastructure upgrades.

As part of the transaction, the 619 sqm of commercial space will be transferred back to Inland for a nominal sum once construction is complete.

Stephen Wicks, CEO of Inland Homes commented:

"This is a major step forward for Inland. Not only is it the largest land sale in the Group's history, but it also represents a major build contract for Inland Partnerships, which now has a forward order book of approximately £100 million.  These transactions allow us to recognise land profits while also securing self-funding, cash positive construction contracts that provide a balance to open market speculative housebuilding.

"Inland currently has 550 homes under construction for private sale and this latest partnership contract brings the total number of homes being built for housing associations, a growing customer base for us, to over 500. This deal, together with our pipeline and the supportive market backdrop, gives us confidence that within two years the Inland Group will complete the construction of over 1,000 residential homes per annum."

Enquires:

Inland Homes plc	Tel: [phone]
Stephen Wicks, Chief Executive
Nishith Malde, Finance Director
Panmure Gordon (UK) Limited Nominated Adviser and Broker	Tel: [phone]
Dominic Morley (Corporate Finance)
Erik Anderson (Corporate Broking)
FTI Consulting	Tel: [phone]
Dido Laurimore
Claire Turvey
Richard Gotla
Methuselah Tanyanyiwa

 

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