For immediate release
25 October 2010
('Inland' or the 'Company')
Inland generates an additional £7 million of land development income
Inland, which specialises in buying brownfield sites and enhances their value by obtaining planning permission, is pleased to announce the following strategic land sales in addition to those disclosed in their preliminary results issued on the 11th October 2010.
The Company has successfully completed the unconditional sale of 59 building plots at Drayton Garden Village to Catalyst Housing Association, a leading supplier of affordable housing in London and the South, for £5.056m with completion due by the end of October. In addition, Catalyst has also awarded a £6.9m building contract to Howarth Homes plc, an associate company where Inland holds a 33% interest.
Conditional contracts were exchanged some time ago for the sale of three detached building plots in Northwood, Middlesex to Banner Homes plc for the sum of £2.05m, and we are pleased to confirm that the contract is now unconditional and completion will be due in November 2010.
Stephen Wicks, Chief Executive commented:
"We are delighted to have sold the first land parcel at Drayton Garden Village so soon after securing the planning consent, which we believe will provide much needed affordable housing in the area.
The Drayton Village and Northwood sales will generate considerable free cash flow for Inland which reduces further our bank borrowings as well as providing capital to invest in additional brownfield opportunities.
Despite the tough economic climate within the housing market, we continue to experience strong demand for our land as reinforced by these recent transactions."
Stephen Wicks, Chief Executive Tel: 01494 762450
Nishith Malde, Finance Director Tel: 01494 762450
FinnCap Nominated Adviser & Broker
Matthew Robinson (Corporate Finance) Tel: 020 7600 1658
Henrik Persson (Corporate Finance) Tel: 020 7600 1658
Jeremy Garcia / Christian Goodbody Tel: 020 7466 5000