Bristol land purchase

Redrow PLC 08 May 2006 Redrow secures major land opportunity at Bristol Redrow today announces that it has unconditionally secured under contract 77 acres of land from Hewlett Packard in a prime area of North Bristol. This site has an outline planning consent for at least 1,250 new homes and 72,000 sq ft of commercial space around a new neighbourhood centre. The site overlooks Bristol and benefits from excellent transport infrastructure, offering easy access to the motorway network and being within walking distance of rail links. The purchase consideration of £59m in cash will be met from the Group's existing banking facilities, with a deposit of £5.9m paid on exchange of contracts and the remainder due in July 2006. The expected return is in line with Redrow's margin criteria for land acquisitions. The site is expected to provide at least 1,250 homes over a period of up to 10 years and will further support growth in Redrow's Western Region and for the Group as a whole. Following the master planning process, infrastructure works are expected to commence in 2007 with the first legal completions anticipated during 2008. Commenting upon the purchase, Neil Fitzsimmons, Chief Executive said: 'We are delighted to have secured this significant opportunity in such a prime market as Bristol which further demonstrates our capacity to undertake major land transactions in line with our strategy of promoting mixed use sustainable development. We look forward to delivering the site into a development that will embody our commitment to high quality urban design.' Further information: Redrow 01244 520044 Neil Fitzsimmons, Chief Executive David Arnold, Group Finance Director Brunswick Group LLP 020 7404 5959 Patrick Handley Nina Coad This information is provided by RNS The company news service from the London Stock Exchange

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Redrow (RDW)
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