RNS Number : 2203J
Inland PLC
26 March 2010
 



For immediate release

26 March 2010

 

Inland plc

 

Inland secures 42% profit share for flagship West Drayton development

 

Inland, which specialises in buying brownfield sites and enhances their value by obtaining planning permission, is pleased to report further progress on the West Drayton project.

 

On 24th March 2010 Inland made a payment of £3.0m to Defence Estates in accordance with a deferred payment schedule set out in the original purchase contract and in line with the development agreement with its joint venture partner.

 

The sum concerned was paid from Inland's free cash flow without any recourse to borrowings.

 

Under the terms of the joint venture agreement on this project, Inland's profit share now rises to approximately 42% and subject to further financial criteria being met Inland's profit share could rise to a maximum of 90%.

 

The planning application on West Drayton was submitted in October 2009 for 775 homes and 55,000 sq ft of employment and community uses.  Negotiations are proceeding well with the relevant London Borough and we are anticipating a planning decision shortly.  Investors can obtain more information on this project by viewing www.draytongardenvillage.com.

 

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

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
MSCUVRBRROAOUAR