Telford Homes PLC Fourth Build to Rent sale for £53.7 million (8117A)
March 29 2017 - 1:00AM
UK Regulatory
TIDMTEF
RNS Number : 8117A
Telford Homes PLC
29 March 2017
29 March 2017
Telford Homes Plc
('Telford Homes' or the 'Group')
Fourth Build to Rent sale for GBP53.7 million
Telford Homes Plc (AIM: TEF), the residential property developer
focused on non-prime London, is pleased to announce that it's joint
venture, Chobham Farm LLP, has exchanged contracts for the sale of
the first phase of open market homes at New Garden Quarter, Chobham
Farm, Stratford, E15 to Folio London Limited ("Folio London").
Folio London is a subsidiary of Notting Hill Housing Group, the
Group's joint venture partner in Chobham Farm LLP.
The contract with Folio London represents the Group's fourth
significant build to rent transaction to date and involves the sale
of 112 of the 297 open market homes at New Garden Quarter for a net
cash consideration of GBP53.7 million. The development is underway
and completion of the build to rent homes is anticipated in 2018.
The remaining open market units, which form the second phase, are
expected to complete in 2019 and will be launched at a later stage
from the Group's Sales and Marketing Suite in Stratford.
The sale is on a forward funded basis and will comprise an
initial upfront payment followed by regular payments throughout the
remaining construction period. As a result of this transaction the
joint venture will no longer require any external debt finance for
the entire New Garden Quarter development which saves significant
anticipated funding costs and reduces the Group's longer term
gearing requirements.
Jon Di-Stefano, Chief Executive of Telford Homes, commented: "We
are delighted to announce our fourth significant build to rent
transaction which underlines our commitment to this emerging sector
and in this case further strengthens our relationship with Notting
Hill Housing Group. Telford Homes is now developing 483 build to
rent homes across the four transactions that we have announced
since February 2016 and we will continue to actively look for
appropriate opportunities to increase this number in the
future."
- Ends -
For further information:
Telford Homes Plc
Jon Di-Stefano, Chief Executive Tel: +44 (0) 1992
809 800
Katie Rogers, Financial www.telfordhomes.london
Director
Shore Capital - Nomad and
Joint Broker
Dru Danford / Patrick Castle Tel: +44 (0) 20
7408 4090
Peel Hunt LLP - Joint Broker
Charles Batten / Capel Irwin Tel: +44 (0) 20
7418 8900
Media enquiries:
Buchanan
Henry Harrison-Topham / Tel: +44 (0) 20
Victoria Hayns 7466 5000
telfordhomes@buchanan.uk.com www.buchanan.uk.com
Notes to editors:
Chobham Farm LLP, the 50:50 joint venture with Notting Hill
Housing Group, was formed in November 2014 when contracts were
exchanged with London and Continental Railways Limited to acquire
the 5.5 acre development site at Chobham Farm, Stratford, E15 for
GBP44 million. In November 2015, the joint venture secured a
planning consent for 471 homes, consisting of 297 open market
homes, 174 subsidised affordable homes and over 10,000 sq.ft. of
commercial space. The transaction announced today results in 112 of
the 297 open market homes being sold to Folio London for GBP53.7
million. The 174 subsidised affordable homes have already been sold
to NHHG in a separate transaction for GBP37.4 million. The
development is underway with completions anticipated to commence in
2018.
This information is provided by RNS
The company news service from the London Stock Exchange
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