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."
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
Tel: +44 (0) 20 7 457 2020
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.
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