Henry Boot PLC - Sheffield-based property developer - Announces that its land promotion and planning business, Hallam Land Management, has completed the sale of a 1,855-plot site in Milton Keynes, England to housebuilder Taylor Wimpey UK Ltd. The transaction results in an ungeared internal rate of return for Henry Boot of 14% per year.
Henry Boot explains that HLM had an option agreement in place jointly with William Davis Homes and Taylor Wimpey UK for the long-term promotion of the land. HLM's interest in the land accounted for 618 plots, with the remainder held by William Davis Homes.
Chief Executive Tim Roberts comments: "This latest transaction represents a strong start to 2023, while the ongoing demand for new homes presents a significant opportunity for Henry Boot's land promotion business."
Current Henry Boot stock price: 230.00 pence, down 0.4% on Thursday in London
12-month change: down 24%
Current Taylor Wimpey stock price: 119.73p, down 1.3% in London
12-month change: down 10%
By Heather Rydings, Alliance News senior economics reporter
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Henry Boot (BOOT)
Taylor Wimpey (TW.)