RNS Number : 9224G
Inland PLC
10 February 2010
 



For immediate release

10 February 2010

 

INLAND PLC

Trading Update

 

Inland plc ("Inland" or the "Company"), which specialises in buying brownfield sites and enhances their value by obtaining planning permission, is pleased to announce a number of additional land and development updates following on from the trading update of 21st January 2009.

 

Inland is pleased to confirm the granting of planning permission on part of its major regeneration project in Queensgate, Farnborough for an 80 bed nursing home.  The consent was obtained on a section of the site which had previously been deemed of little commercial value to Inland.  The site will now be marketed to specialist nursing home operators with a view to achieving a sale as soon as possible.

 

In addition, Inland is also pleased to announce it has gained consent for a further five houses as an extension to its development at Green Street, Enfield.  The site of 0.3 acres was assembled from a number of long back gardens and its open market value should be significantly above cost.

 

Finally, the Company is pleased to confirm it has agreed terms to sell its site in South Ockenden, Essex to a local housebuilder. The final consideration is in line with the Company's own expectations and will generate considerable free cash flow after repayment of associated debt.

 

 

Enquiries:

 

Inland plc

Stephen Wicks, Chief Executive

Nishith Malde, Finance Director

 

Tel:  01494 762450

Tel:  01494 762450

 

FinnCap Nominated Adviser & Broker

Matthew Robinson (Corporate Finance)

Rhydian Bankes (Corporate Finance)

 

Tel:  020 7600 1658

Tel:  020 7600 1658

 

Buchanan Communications

Jeremy Garcia / Christian Goodbody

 

Tel: 020 7466 5000

 


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