leadf
logo-loader
RNS
viewInland Homes PLC

Inland Homes PLC - Announcement of two sales worth £52.8m

RNS Number : 6960A
Inland Homes PLC
01 October 2020
 

1 October 2020

 

Inland Homes plc

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

 

Inland Homes announces two sales worth £52.8m to two separate 'Build to Rent' Funds

 

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, today announces two sales to two separate 'Build to Rent' Funds within its Centre Square and Buckingham House developments in High Wycombe.

Centre Square, High Wycombe

The Group has completed the unconditional sale of 123 units and amenity space via its joint venture, High Wycombe Developments Limited at its Centre Square development in High Wycombe to a well-established Real Estate Investment Manager for £31.5 million

The units have been purchased as a 'Build to Rent' scheme, with the accommodation to be offered for private rent.

The contract is for a land and build package, with Inland Homes to complete the build by March 2021. 

The contract has been structured so that £15.75 million has been received on completion with monthly staged payments through to practical completion in early 2021.

 

Buckingham House, High Wycombe  

Additionally, the Group announces the exchange of contracts for 85 units at Buckingham House, High Wycombe to a second 'Build to Rent' Fund.

 

The land and build contract is for a maximum of £21.3 million. A total of 10% was payable on exchange, with the balance payable on completion, which is targeted for early 2022.

 

The proceeds from the two sales will enable further debt reduction and provide cash flow that will be reinvested into the Group's operations.

 

 

Stephen Wicks, CEO of Inland Homes comments:

"We have a substantial number of sites which are suitable for rental housing and as we reported in last year's accounts, securing 'Build to Rent' opportunities has been a priority for the Group this year.

 

"We are delighted therefore to announce these latest land sales at Centre Square and Buckingham House to two highly-respected operators in this market.

 

"As these deals evidence and following the completion of land sales at Wilton Park and Cheshunt Lakeside, there is sustained demand from investors, housing associations and other developers for our high-quality land assets and our build expertise.

 

"This is particularly pleasing and a testament to the Group when considered against the ongoing global COVID-19 economic uncertainty."

 

 

Enquiries:

 

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

Dominic Morley

 

Erik Anderson

 

 

 

Instinctif Partners

Tel: +44 (0) 20 7457 2020

Mark Garraway

 

Rosie Driscoll

 

 

 

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

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
MSCFFFFFADIIVII

Quick facts: Inland Homes PLC

Price: -

Market: AIM
Market Cap: -
Follow

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

5 min read