Inland Homes PLC Refinancing of facilities at Cheshunt Lakeside (2738U)
December 02 2021 - 12:59AM
UK Regulatory
TIDMINL
RNS Number : 2738U
Inland Homes PLC
02 December 2021
2 December 2021
Inland Homes plc
("Inland Homes" or the "Group")
Refinancing of facilities at Cheshunt Lakeside, Cheshunt
Inland Homes plc, the brownfield developer, housebuilder and
regeneration specialist focused on the South and South East of
England, today announces the refinancing, through its joint venture
Cheshunt Lakeside Developments Ltd (CLDL), of facilities at
Cheshunt Lakeside, Cheshunt where consent was secured in 2019 for
1,725 homes, together with significant employment and community
facilities.
The Group has procured a mezzanine loan facility of GBP14.25m
with Homes England on considerably more favourable terms than the
previous facility, together with a GBP7.4m infrastructure facility
and an additional interest and fees roll-up facility of GBP2.85m.
The facility is available to 21 March 2024, with repayment due by
31 December 2026.
The Group has also increased the existing facility with Paragon
Development Finance (Paragon) by GBP1.75m, with repayment due by 30
June 2023.
The refinancing with Homes England will reduce CLDL's funding
costs significantly. Further savings will be achieved on repayment
in full of the Paragon facility, when the margin charged by Homes
England will be reduced.
Separately, the Group is also pleased to announce it is in
advanced negotiations with a major Build to Rent fund for the
development of Phase 1b, comprising 205 homes. Further details will
be announced in due course. Through Inland Partnerships, the Group
is currently constructing 195 homes within Phase 1a on behalf of a
local housing association, following the sale in 2020.
Chief Executive Stephen Wicks commented:
"We are delighted to have procured this facility with Homes
England as well as extending existing facilities with Paragon which
will reduce funding costs at Cheshunt Lakeside significantly.
"We are also pleased to announce that we are in advanced
negotiations with a major Build to Rent fund for the development of
Phase 1b, which will result in a further 205 new homes commencing
shortly."
Enquiries
Inland Homes plc: Tel: +44 (0)1494 762450
Stephen Wicks, Chief Executive
Nishith Malde, Finance Director
Gary Skinner, Managing Director
Panmure Gordon (UK) Limited Tel: +44 (0)20 7886 2500
Dominic Morley
Erik Anderson
Instinctif Partners Tel: +44 (0)20 7457 2020
Tim McCall
Galyna Kulachek
Bryn Woodward
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014 as it forms part of UK
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 Company 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 Company 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 as an industry leader 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. Using this framework, we are
now focused on developing a full ESG strategy. The strategy will
identify clear goals and metrics to enable us to measure and report
on our performance and success in this space.
For further information, please visit the Inland Homes website
at: www.inlandhomesplc.com
Hugg Homes - www.hugghomes.co.uk
Rosewood Housing - www.rosewoodhousing.co.uk
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