TIDMSPR

RNS Number : 1492Q

Springfield Properties PLC

16 October 2023

16 October 2023

Springfield Properties plc

("Springfield", the "Company", the "Group" or the "Springfield Group")

Sale of land for GBP5.2 million

Springfield Properties plc (AIM: SPR), a leading housebuilder in Scotland focused on delivering private and affordable housing , is pleased to announce that it has signed a binding agreement for the sale of approximately 9.5 acres of land for GBP5.2m. The land, which equates to 92 plots, is fully owned by the Group, such that the cash inflow to the Group will be GBP5.2m.

The Group will receive GBP0.5m in the coming days with the remaining GBP4.7m paid upon completion, which is expected to occur in March 2024. Following the receipt of the GBP0.5m, the agreement becomes unconditional in all respects. The proceeds from the sale will support the Group in its target to reduce Group debt.

Innes Smith, CEO of Springfield Properties, said: "This profitable land sale will help us to reduce our debt position, which, as we said at the time of our results, is very much our focus. With our large land bank with planning in place, we have the ability to generate cash from the sale of land without any impact on our development pipeline for the coming years. We continue to be in discussions with other housebuilders and affordable housing providers about a number of our sites, which we hope to complete in the near term. We believe there will be significant pent-up demand coming through in the land market and we are excellently-positioned to benefit from this."

Enquiries:

 
 Springfield Properties 
 Sandy Adam, Chairman 
  Innes Smith, Chief Executive Officer      +44 1343 552550 
                                           ----------------- 
 
 Singer Capital Markets 
                                           ----------------- 
 Shaun Dobson, James Moat, Oliver Platts    +44 20 7496 3000 
                                           ----------------- 
 
 Gracechurch Group 
                                           ----------------- 
 Harry Chathli, Claire Norbury              +44 20 4582 3500 
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Analyst Research

Equity Development and Progressive Equity produce freely available research on Springfield Properties plc, including financial forecasts. This is available to view and download here:

https://www.thespringfieldgroup.co.uk/news/updates-and-analyst-reports

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(END) Dow Jones Newswires

October 16, 2023 02:00 ET (06:00 GMT)

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