3 Jul 2023 12:36
3 July 2023
Inland Homes plc
("Inland Homes", "Group" or "Company")
REFINANCE AT CRESSING, ESSEX
Inland Homes (AIM: INL) ("Inland Homes" or the "the Group"), the brownfield developer, housebuilder and partnership housing company with a focus on the South and South East of England, is pleased to report that it has refinanced its Cressing, Essex housing development site with Ingenious Real Estate Finance LLP ("Ingenious"), entering into a facility of £15.6m which provides up to 80% loan to cost for the remainder of the development.
The refinance has generated £1.6m of free cashflow for the Group.
The site at Cressing, Essex provides a development of 77 much needed homes comprising 46 private and 31 affordable homes units. The Group previously announced on 27 March 2023 that it had exchanged conditional contracts to sell 31 affordable homes to Eastlight Community Homes for £6.5m to be satisfied in cash on completion.
The 31 affordable homes will complete in two tranches, a first tranche during July 2023 with the second trance expected before the end of 2023. Sale proceeds on completion will be used to reduce the Ingenious facility.
To date at the development, the Group has legally completed the sale of 12 homes within the site which have generated revenue of £4.6m in the current financial year. The current forward order book for the site stands at £8.9m with build completion scheduled for summer 2024.
Nish Malde, Interim Chief Executive, commented:
"The Cressing, Essex site offers 77 much needed new private family and affordable homes. We are pleased to have refinanced the development facility at Cressing, Essex on much more favourable terms and which has also released equity from the project for our day-to-day working capital"
Enquiries
Inland Homes plc: Tel: 44 (0)1494 762450
Nishith Malde, Interim Chief Executive Officer
Panmure Gordon (UK) Limited Tel: 44 (0)20 7886 2500
Dominic Morley / James Sinclair-Ford (Corporate Advisory)
Tom Scrivens (Corporate Broking)
The information contained in this Announcement is deemed by the Group to constitute inside information as stipulated under the Market Abuse Regulations (Regulation 596/2014), as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR").
Notes to Editors:
Incorporated in the UK in 2005, Inland Homes plc is an AIM-listed specialist housebuilder and brownfield developer, dedicated to achieving excellence in sustainability and design.
Inland Homes acquires brownfield land in the South and South East of England principally for residentially led development schemes. The business then enhances the land value by obtaining planning permission, before building open market and affordable homes or selling surplus consented land to other developers to generate cash.
The Group is committed to extensive public and community consultation in order to ensure that, where possible, local community needs and objectives are met.
Inland's aim is to create sustainable communities and homes which set a benchmark for all future developments in the South and South East of England. The Group is always looking for brownfield sites without planning permission for future development.
Environmental, Social and Governance credentials
Inland Homes is committed to ensuring its land, housebuilding and partnership housing activities leave a positive lasting legacy. As specialists in brownfield site regeneration the Group already has a proud history of adding lasting value through its expertise and experience in site remediation, which allows derelict and near derelict land to be regenerated and used for the construction of new homes.
Inland Homes takes its position within the industry extremely seriously and has developed its Environmental, Social and Governance (ESG) framework against the broader backdrop of an escalating global climate issue. The Group's ESG framework, which has been aligned to four of the UN Sustainable Development Goals, sets out our high-level commitments.
For further information, please visit the Inland Homes website at: www.inlandhomesplc.com
Hugg Homes - www.hugghomes.co.uk
Rosewood Housing - www.rosewoodhousing.co.uk