4 July 2022
Inland Homes plc
('Inland Homes' or the 'Group')
Inland Homes plc (AIM: INL), the housebuilder, partnership housing developer and regeneration specialist focused on the South and South East of England, today announces practical completion of the land and build sale of 85 units at Buckingham House, High Wycombe to a "Build to Rent" operator.
As previously announced in October 2020, this land and build contract was for £21.3 million and a total of £2.1m was received on exchange, with the balance of £19.2m, payable on legal completion in mid-July 2022.
In addition to the originally agreed contract sum, the Group has generated a further £0.4m in respect of agreed variations and the disposal of a commercial unit at Buckingham House to the purchaser.
The net receipt of £19.6m will be used to repay gross debt of £12.0m with the balance of £7.6m improving the Group's day-to-day working capital.
Stephen Wicks, Chief Executive at Inland Homes, commented:
"The achievement of practical completion of Buckingham House in High Wycombe ends the regeneration of former brownfield site where Inland Homes has created a lasting legacy with the delivery of 85 units for a Build to Rent fund partner, from an original land acquisition in December 2015. There is a drastic shortage of consented sites in the South and South East that is exacerbated by a highly complex planning system which places high demands on developers. Our valuable land portfolio offers highly attractive opportunities to other developers, housing associations and build to rent operators and we continue to optimise this demand whilst making further headway in the delivery of our key strategic objectives; namely a reduction in net debt."
Inland Homes plc: Tel: 44 (0)1494 762450
Stephen Wicks, Chief Executive
Nishith Malde, Finance Director
Panmure Gordon (UK) Limited Tel: 44 (0)20 7886 2500
Dominic Morley / James Sinclair-Ford (Corporate Advisory)
Erik Anderson (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 as an industry leader 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. Using this framework, we are now focused on developing a full ESG strategy. The strategy will identify clear goals and metrics to enable us to measure and report on our performance and success in this space.
For further information, please visit the Inland Homes website at: www.inlandhomesplc.com
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