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Purchase of JV partner at Cheshunt Lakeside

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RNS Number : 4686R
Inland Homes PLC
29 October 2019
 

29 October 2019

 

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

Purchase of joint venture partner at Cheshunt Lakeside

 

Inland Homes (AIM: INL) the leading brownfield developer, housebuilder and partnership housing company with a focus on the South and South East of England confirms that following its announcement on 23 September 2019, the Group has completed the acquisition of the 50% interest in Cheshunt Lakeside Developments Limited held by CPC Group Limited.  The Group is also pleased to confirm that it has transferred a 50% equity interest in Cheshunt Lakeside Developments Limited to a new joint venture partner for a consideration of £28.5m in cash payable on deferred terms, maintaining the off balance sheet nature of the project.

 

A planning application for the reserved matters in respect of 195 homes in the first phase will be submitted shortly  with a view for development to commence in early 2020.  The site is now being prepared for development, with demolition of some of the buildings having commenced.

 

 

Stephen Wicks, CEO of Inland Homes, commented:

"Having secured the planning consent at Cheshunt Lakeside, we have now achieved another important step forward on this site by acquiring our original joint venture partner.  We welcome our new partner with whom we have entered into a beneficial arrangement that will enable Inland to receive the majority of the development profits from this site."

 

ENDS

 

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 7 457 2020

Mark Garraway

James Gray

 

 

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.
 
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Market Cap: £168.53 m
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