31 Aug 2016 07:00
31 August, 2016
Inland Homes plc
("Inland Homes" or the "Company")
Completion of acquisition and drawdown of new debt facility
Further to the announcement on 6 July 2016, Inland Homes plc (AIM: INL), the leading brownfield regeneration specialist and housebuilder, with a focus on the South East of England and outer London, is pleased to announce the completion of the purchase, via its 50:50 joint venture, of the 13 acre regeneration project in Cheshunt, Hertfordshire, which includes the former headquarters of Tesco plc. The site is part of a wider 20 acre area that has recently been earmarked by the Borough of Broxbourne for a major new urban village, Cheshunt Lakeside, which will include 1,000 new homes.
In addition, the Company is pleased to announce the drawdown of a new £27 million facility with Secure Trust Bank Plc, secured on 86 Former MoD houses at its Wilton Park, Beaconsfield development. This facility is for a five year term and will be used in part to refinance an existing £18.9 million facility at a significantly lower interest rate.
Stephen Wicks, Chief Executive of Inland Homes, commented:
"As the ongoing housing shortage remains on the news agenda, Inland Homes is excited to be bringing its expertise and experience to a project that will deliver a significant number of new homes, and importantly with the strong support of the local authority.
"As part of ensuring the Company is best-placed to capitalise on future opportunities and given the favorable borrowing environment, the new debt facility is a further positive step for the Company."
Enquiries:
Inland Homes plc: | Tel: +44 (0) 1494 762450 |
Stephen Wicks, Chief Executive |
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Nishith Malde, Finance Director |
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Paul Brett, Land Director |
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Stifel Nicolaus Europe Limited (Nominated Adviser): | Tel: +44 (0) 20 7710 7600 |
David Arch |
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Roger Clarke |
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FTI Consulting: | Tel: +44 (0)20 3727 1000 |
Dido Laurimore |
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Claire Turvey Richard Gotla |
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