Inland Homes plc sells 94 plots at Wilton Park

RNS Number : 0340Q

Inland Homes PLC

16 June 2020

 

16 June 2020

Inland Homes plc

("Inland Homes", "Group" or "Company")

Inland Homes plc sells 94 plots at Wilton Park, Beaconsfield

Inland Homes plc (AIM: INL), the leading brownfield developer, housebuilder and partnership housing company with a focus on the south and south-east of England, today announces the unconditional 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. The sale is part of phase one and two of the project, which totals 147 units including 27% affordable housing.

The consideration payable presents a premium to the EPRA valuation. The sale, which is expected to complete in September this year, has been structured so that circa two-thirds of the consideration will be payable in cash on completion with the balance payable on a deferred basis and no later than twelve months post-completion.

The sale will enable debt reduction and free cash flow that will be reinvested into the Group's operations.

Stephen Wicks, Group Chief Executive commented:

"We are delighted to have exchanged contracts to sell 94 plots at Wilton Park.  The sale, at a premium to the EPRA valuation, is further evidence of the high quality of our assets and especially pleasing given the current economic climate."

Enquiries:

Inland Homes plc:	Tel: [phone]
Stephen Wicks, Chief Executive
Nish Malde, Finance Director
Gary Skinner, Managing Director
Panmure Gordon (UK) Limited	Tel: [phone]
Dominic Morley
Erik Anderson
Instinctif Partners	Tel: [phone]
Mark Garraway Rosie Driscoll

This announcement contains inside information as defined in Article 7 of the Market Abuse Regulation EU 596/2014.

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

 

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