Acquisition

RNS Number : 8889K

Inland Homes PLC

19 December 2018

 

19 December 2018

Inland Homes plc

(the 'Company' or the 'Group')

Acquisition of East London residential development site with planning consent for 325 homes

Inland Homes plc (AIM: INL), a leading housebuilder, Partnership Housing developer and regeneration specialist, announces that it has exchanged contracts to acquire a major development site in Dagenham, East London, which has an anticipated gross development value of circa £95 million.

The four acre brownfield site, which was previously part of the former Ford manufacturing plant, lies within the London Riverside Opportunity Area, a 3,000 hectare major regeneration zone designated in the London Plan to deliver up to 26,500 homes and create 16,000 jobs across the boroughs of Barking and Dagenham.

The site has existing planning consent for 325 homes and 1,600 sqm of commercial space. Inland Homes is in negotiations to deliver the homes in a joint venture with a top five housing association, with 116 homes intended as affordable housing and the remaining 209 units sold on the open market.

Completion of the purchase of the site is expected in March 2019, with construction of the first units due to commence in the summer.

Stephen Wicks, CEO of Inland Homes, commented:

"This is a significant acquisition for Inland Homes of a prime development opportunity in East London. Dagenham has some of the most affordable house prices out of all the London boroughs and this site will increase the provision of good quality, competitively priced homes, in an area benefitting from fast connectivity into Central London.

"The opportunity fits in well with our strategy of providing lower cost homes in areas of high demand. At the same time the proposed joint venture with a major housing association will provide Inland Partnerships with a significant new build contract opportunity, adding to our existing forward order book of nearly £100 million."

Enquiries:

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

 

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