18 Apr 2013 07:00
For immediate release
18 April 2013
Inland Homes plc
brownfield regeneration specialists and house-builders
Inland successful in the first round of Build to Rent bidding
The Board of Inland Homes plc ("INLAND"or "Company") is pleased to announce that it has been successful in the first round of bids in the Government backed 'Build to Rent' initiative which is being administered by the Homes and Communities Agency (HCA), the national housing and regeneration agency for England.
The successful parties for the first phase of the two stage selection process were informed on 16 April 2013 and this covers 45 projects and a total of up to 10,000 new private homes constructed for private sector rental. The next stage of the selection process will involve competitive clarification with the HCA to refine project details and to confirm the £15 million loan across two sites bid for by Inland.
Projects were chosen on the basis of deliverability, value for money and local housing demand. The Fund is a fully recoverable, commercial investment where the Government will lend money to developers at very reasonable rates of interest to allow schemes to be built, managed and let. The funding available through the scheme can be used to cover development costs such as land, construction and the setting up of long term lettings management. Once the schemes are let, the developer will sell on its interest or re-finance to repay the loan provided by the HCA.
Stephen Wicks, CEO at INLAND commented:
"We are delighted to have been successful in the first round of bidding; we are confident that by applying INLAND's expertise in planning & development we can help to shape local communities and stimulate new private housing supply, which in turn will attract new institutional investment into the sector and create long term value."
Enquiries: Inland Homes plc Stephen Wicks, Chief Executive Nishith Malde, Finance Director Paul Brett, Land Director Tel: 01494 762450
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finnCap Nominated Adviser & Broker Corporate Finance: Matthew Robinson or Rose Herbert Corporate Broking: Simon Starr Tel: 020 7220 0500
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TooleyStreet Communications IR & media relations Fiona Tooley, Director Tel: 07785 703523 or Graeme Cull, Consultant Tel: 0121 309 0099 |
Editor's Note:
www.inlandplc.com
AIM: Ticker: INL
Market Capitalisation: c. £49m
INLAND's corporate strategy is to acquire sites with development potential and, by applying its expertise and knowledge of the planning system, achieve the consents required to add-value to its land portfolio.
The Company's focus is to identify and acquire brownfield land in the South and South East of England where there is excellent potential for residential and mixed use development, including commercial space. Inland enhances the land value by obtaining planning permission and then selectivelysells some parcels of consented land to other housebuilders whilst also developing homes on certain sites for private sale.