RNS Number : 8849F
Inland PLC
21 January 2010
21 January 2010
INLAND PLC (the "Company")
Trading Update
Inland, 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 11th December 2009.
Inland is pleased to confirm the completion of the sale of a former pub site in Farnborough, Hampshire on which a consent had been obtained for 19 units.
The sale was conducted by informal tender with 100 interested parties requesting details; 11 bids were received with the top 5 invited to make best and final offers with a subsidiary of one of the major quoted housebuilders being the successful party.
The sale consideration was £1,378,000 which after repayment of associated debt of £408,000 and retention of £266,000 generated free cash flow of circa £704,000. The retention is expected to be released shortly. The sale, as expected achieved a significant premium to the carrying value of the site.
The Company is further pleased to announce that it has entered into a joint venture which has acquired an 11 acre site in Croxley Green, Hertfordshire which has consent for 51 houses, including 15 which have been pre-sold to a housing association for affordable housing. Inland's joint venture partner is Howarth Homes plc, a company in which Inland holds a 33% equity interest. Both parties have injected £2m each towards the land purchase price of £7.5m.
The building costs of the scheme will be fully funded by a major bank who have provided committed facilities. The scheme is anticipated to produce gross revenues in excess of £20m.
Stephen Wicks, C.E.O. of Inland commented "this site is in a prime woodland setting in a good London suburb. The consent is for high quality family housing for which we anticipate strong demand. We expect this to be a very profitable venture for Inland".
Enquiries:
Inland plc
Stephen Wicks, Chief Executive Tel: 01494 762450
Nishith Malde, Finance Director Tel: 01494 762450
FinnCap Nominated Adviser & Broker
Les Kent (Institutional sales) Tel: 020 7600 1658
Matthew Robinson (Corporate Finance) Tel: 020 7600 1658
Rhydian Bankes (Corporate Finance) 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
TSTMMGZMNGNGGZM
