Inland Homes completes two 'major' land sales
By Josh White
Date: Wednesday 30 Sep 2020
(Sharecast News) - Housebuilder and brownfield developer Inland Homes has completed two major land sales, it announced on Wednesday, in Wilton Park, Buckinghamshire, and Cheshunt Lakeside, Hertfordshire.
The AIM-traded firm said the completion of the sale of 94 plots at its flagship development site at Wilton Park was to south east England-focussed Bewley Homes.
It said the sale was part of the first phase of the project, which would total 147 units including 27% affordable housing.
The consideration represented a premium to the EPRA valuation, the board claimed.
Meanwhile, Inland said the completion of the sale of 195 plots at Cheshunt Lakeside was to a local housing association, B3Living.
It said its Inland Partnerships division had entered into a contract with B3Living to construct 195 apartments in the phase, in a deal worth £34.5m.
The proceeds from the two sites were used to repay more than £25m of borrowings, the board confirmed.
"The completion of these lucrative land deals in a difficult economic environment, is testament to the high quality of Inland's assets and has also enabled us to reduce borrowings," said chief executive officer Stephen Wicks.
At 1338 BST, shares in Inland Homes were up 4.17% at 50p.
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