REG - Inland Homes PLC - Refinance at Cressing, Essex

Inland HomesAnnouncement

03/07/2023 12:45

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230703:nRSC7808Ea&default-theme=true

RNS Number : 7808E  Inland Homes PLC  03 July 2023

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 (http://www.hugghomes.co.uk)

Rosewood Housing - www.rosewoodhousing.co.uk
(http://www.rosewoodhousing.co.uk)

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCFLFVLDSIVIIV