3 Apr 2013 07:00
For Immediate Release
3rd April 2013
Brownfield regeneration specialists and housebuilders
Inland Homes plc
("INLAND" or the "Company")
Land Update
The Board of Inland Homes plc is pleased to announce that a further deferred land consideration payment on the project at West Drayton has been made to the Defence Infrastructure Organisation.
In accordance with the Option and Development Services Agreement with Drayton Garden Village Limited, Inland's profit share from this project now increases to 72.08% as a result of this payment.
Under the agreement, the Inland Group has the potential to earn up to 90% of the profits realised from the sale of the property over the life of the project.
The Board is also pleased to confirm that pursuant to the announcement made on the 20th March 2013, Inland has now completed the sale of its stake in Howarth Homes plc for a cash consideration of £1.4m, which has now been received.
Stephen Wicks, Chief Executive of Inland, commented:
"These transactions mark further positive progress for Inland. It is particularly pleasing to have achieved our exit from the equity of Howarth at a satisfactory figure. These proceeds will be re-invested in our growing house building operations. We continue to have a good on-going relationship with Howarth as one of our key building contractors and our joint venture partners on the Croxley Green development."
Enquiries:
Inland Homes plc | Tel: 01494 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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finnCap, Nominated Adviser & Broker | Tel: 020 7220 0500 |
Matthew Robinson/Rose Herbert - Corporate Finance |
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Simon Starr/Brian Patient - Corporate Broking |
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Tooley Street Communications |
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Fiona Tooley, Director | Tel: 07785 703523 |
Graeme Cull, Consultant | Tel: 0121 309 0099 |
Editor's Note:
www.inlandplc.com
AIM: Ticker: INL
INLAND'S corporate strategy is to acquire sites with development potential and, by applying its expertise and knowledge of the planning system, achieve the contents required to add value to its land portfolio.
The company's focus is currently to identify and acquire brownfield land in South of England where INLAND considers it to hold excellent potential for residential and mixed use development, including commercial space. The company then seeks to enhance its land value by obtaining planning permission before selling consented land onto developers. This process can take a few years, during which time INLAND continues selling sites when it receives attractive offers and also develops homes on certain sites for private sale.