Inland Homes PLC Purchase of JV partner at Cheshunt Lakeside (4686R)
29 Ottobre 2019 - 11:15AM
UK Regulatory
TIDMINL
RNS Number : 4686R
Inland Homes PLC
29 October 2019
29 October 2019
Inland Homes plc ("Inland Homes", "Group" or "Company")
Purchase of joint venture partner at Cheshunt Lakeside
Inland Homes (AIM: INL) the leading brownfield developer,
housebuilder and partnership housing company with a focus on the
South and South East of England confirms that following its
announcement on 23 September 2019, the Group has completed the
acquisition of the 50% interest in Cheshunt Lakeside Developments
Limited held by CPC Group Limited. The Group is also pleased to
confirm that it has transferred a 50% equity interest in Cheshunt
Lakeside Developments Limited to a new joint venture partner for a
consideration of GBP28.5m in cash payable on deferred terms,
maintaining the off balance sheet nature of the project.
A planning application for the reserved matters in respect of
195 homes in the first phase will be submitted shortly with a view
for development to commence in early 2020. The site is now being
prepared for development, with demolition of some of the buildings
having commenced.
Stephen Wicks, CEO of Inland Homes, commented:
"Having secured the planning consent at Cheshunt Lakeside, we
have now achieved another important step forward on this site by
acquiring our original joint venture partner. We welcome our new
partner with whom we have entered into a beneficial arrangement
that will enable Inland to receive the majority of the development
profits from this site."
ENDS
Enquiries:
Inland Homes plc: Tel: +44 (0) 1494 762450
Stephen Wicks, Chief Executive
Nishith Malde, Finance Director
Gary Skinner, Managing Director
Panmure Gordon (UK) Limited Tel: +44 (0) 20 7886 2500
Dominic Morley
Erik Anderson
Instinctif Partners Tel: +44 (0) 20 7 457 2020
Mark Garraway
James Gray
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 Company 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 Company is always looking for brownfield
sites without planning permission for future development.
For further information, please visit the Inland Homes website
at www.inlandhomes.co.uk.
Hugg Homes - www.hugghomes.co.uk
Rosewood Housing - www.rosewoodhousing.co.uk
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END
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