Land Update

RNS Number : 2203J

Inland PLC

26 March 2010

 



For immediate release

26 March 2010

Inland plc

Inland secures 42% profit share for flagship West Drayton development

Inland, which specialises in buying brownfield sites and enhances their value by obtaining planning permission, is pleased to report further progress on the West Drayton project.

On 24^th March 2010 Inland made a payment of £3.0m to Defence Estates in accordance with a deferred payment schedule set out in the original purchase contract and in line with the development agreement with its joint venture partner.

The sum concerned was paid from Inland's free cash flow without any recourse to borrowings.

Under the terms of the joint venture agreement on this project, Inland's profit share now rises to approximately 42% and subject to further financial criteria being met Inland's profit share could rise to a maximum of 90%.

The planning application on West Drayton was submitted in October 2009 for 775 homes and 55,000 sq ft of employment and community uses.  Negotiations are proceeding well with the relevant London Borough and we are anticipating a planning decision shortly.  Investors can obtain more information on this project by viewing www.draytongardenvillage.com.

Enquiries:

Inland plc Stephen Wicks, Chief Executive Nishith Malde, Finance Director	Tel:  [phone] Tel:  [phone]
FinnCap Nominated Adviser & Broker Matthew Robinson (Corporate Finance) Rhydian Bankes (Corporate Finance)	Tel:  [phone] Tel:  [phone]
Buchanan Communications Jeremy Garcia / Christian Goodbody	Tel: [phone]

 

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