(Re-financing Arrangements)

RNS Number : 6662A

Inland Homes PLC

09 June 2016

 

Inland Homes PLC

Re-financing arrangements

9 June 2016

Inland Homes Plc, the Brownfield regeneration specialist and housebuilder has over recent years been going through a period of considerable expansion of its activities.

·     Notable milestones include a significant increase in the Group's land bank which now stands at a record 5,672 plots.

·     The expansion of its own housebuilding programme including the appointment of Gary Skinner as Managing Director and a move into "direct build".

·     Adoption of the European Public Real Estate Association's performance measures ("EPRA") that indicated an uplift of £63m in the Group's net asset value at 31 December 2015.

·     The formation of Inland Commercial Ltd where we are focused on creating income producing assets from our land bank as well as maximising our income stream from tenancies that are a "by product" of our Brownfield business. Our current annual rental income is at a record £2.3m per annum.

·     The first partnership deal signed with a local authority at Chapel Riverside in Southampton (500 units) with others in the pipeline.

Inland has historically funded the acquisition of its land purchases (including the prime 114 acre Wilton Park project in Beaconsfield) though a number of sources and at a range of interest rates. In view of the expansion of the Group and its growing stature in the sector, it is now considering a range of debt options and sources (including the retail bond market) for refinancing these liabilities at lower interest rates and / or improved terms and conditions.

Enquiries:

Inland Homes PLC

Nishith Malde FCA                                                                   Tel: [phone]

Stifel Nicolaus Europe Limited (Nomad)                               Tel: [phone]

David Arch

Roger Clarke

 

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