Completion of acquisition and new debt facility

RNS Number : 4708I

Inland Homes PLC

31 August 2016

 

31 August, 2016

Inland Homes plc

("Inland Homes" or the "Company")

Completion of acquisition and drawdown of new debt facility

Further to the announcement on 6 July 2016, Inland Homes plc (AIM: INL), the leading brownfield regeneration specialist and housebuilder, with a focus on the South East of England and outer London, is pleased to announce the completion of the purchase, via its 50:50 joint venture, of the 13 acre regeneration project in Cheshunt, Hertfordshire, which includes the former headquarters of Tesco plc. The site is part of a wider 20 acre area that has recently been earmarked by the Borough of Broxbourne for a major new urban village, Cheshunt Lakeside, which will include 1,000 new homes.

In addition, the Company is pleased to announce the drawdown of a new £27 million facility with Secure Trust Bank Plc, secured on 86 Former MoD houses at its Wilton Park, Beaconsfield development. This facility is for a five year term and will be used in part to refinance an existing £18.9 million facility at a significantly lower interest rate.

Stephen Wicks, Chief Executive of Inland Homes, commented:

"As the ongoing housing shortage remains on the news agenda, Inland Homes is excited to be bringing its expertise and experience to a project that will deliver a significant number of new homes, and importantly with the strong support of the local authority.

"As part of ensuring the Company is best-placed to capitalise on future opportunities and given the favorable borrowing environment, the new debt facility is a further positive step for the Company."

Enquiries:

Inland Homes plc:	Tel: [phone]
Stephen Wicks, Chief Executive
Nishith Malde, Finance Director
Paul Brett, Land Director
Stifel Nicolaus Europe Limited (Nominated Adviser):	Tel: [phone]
David Arch
Roger Clarke
FTI Consulting:	Tel: [phone]
Dido Laurimore
Claire Turvey Richard Gotla

 

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