Ashley House reaches financial close at delayed joint-venture scheme

(Sharecast News) - Property manager Ashley House finally reached the financial close of its Morgan Ashley joint-venture scheme at Romsey on Monday.
Ashley House told investors that it had closed a deal for the 54 apartment extra care facility, with a gross development value of £13.5m, for the Places for People Living and Hampshire County Council.

The scheme was one of three schemes that had been delayed from Ashley House's previous trading year.

Ashley House said its team was continuing to work hard on the other two delayed schemes, as well as other schemes which it looks to close over the coming months.

As a result of the delays, Ashley House warned that the delays had impacted on its cash inflows and said it was continuing to explore a number of sources of funding whilst managing its cash carefully.

As of 0845 BST, Ashley House shares were up 3.91% at 4.78p.