REG - Boot(Henry) PLC - HENRY BOOT AGREES SALE OF 759 PLOTS TO VISTRY

Henry BootAnnouncement

18/01/2024 07:00

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RNS Number : 0455A  Boot(Henry) PLC  18 January 2024

 

18 January 2024

HENRY BOOT PLC

('Henry Boot' or 'the Group')

HENRY BOOT AGREES SALE OF 759 PLOTS IN SWINDON TO VISTRY

- Notice of trading update -

Henry Boot PLC announces that its land promotion and planning business, Hallam
Land Management ('HLM'), has unconditionally exchanged contracts for the sale
of 759 residential plots in Swindon to Vistry Group PLC ('Vistry'), the
national housebuilder.

 

Located in South Marston, Swindon, HLM secured an option to purchase the site
over 20 years ago, and since then it has been promoting the land through the
planning process, as part of a wider strategic land parcel working alongside
Taylor Wimpey and Hannick Homes. In August 2021 outline planning consent was
secured for a total of 2,380 residential plots across a 400-acre site, of
which 1,063 relate to HLM's site.

 

In December 2023, a contract was exchanged to acquire the land, which has
recently completed, simultaneously exchanging to sell 759 plots to Vistry
which will complete in two phases with the first in 2024 and the second in
2026.

 

In addition to enabling the delivery of new homes including over 500
affordable homes, the wider site will bring a number of additional community
benefits to the local area as part of the planning consent.  These include up
to 26,900 sq ft of retail, food, service and business space, a new primary
school and an extension to an existing school, as well as community and sport
buildings, significant woodland planting, green infrastructure and children's
play spaces.

 

The transaction is expected to result in an ungeared internal rate of return
for Henry Boot of 10% p.a. HLM will retain 304 plots for future sale.

 

Notice of trading update

 

The Group will provide a Trading Update in respect of the year ended 31
December 2023 on 23 January 2024.

 

Tim Roberts, CEO of Henry Boot PLC, commented: "While the housing industry has
experienced slower sales rates over the past year, against what has been a
challenging market backdrop, this sale further demonstrates the demand we
continue to see for large, consented land parcels from major housebuilders who
have a strategic long term requirement to deliver homes.  At the same time
there is an appetite for smaller premium sites in strong market locations.
This disposal also underlines our team's experience of taking large, complex
sites through the planning system and ultimately selling them to housebuilders
to both enable the delivery of much needed homes and community facilities
across the U.K. and create shareholder value."

-ENDS-

Enquiries:

 

FTI Consulting

Richard Sunderland/Giles Barrie

Tel: 020 3727 1000

Email: henryboot@fticonsulting.com (mailto:henryboot@fticonsulting.com)

 

Henry Boot PLC

Tim Roberts, Chief Executive Officer

Darren Littlewood, Chief Financial Officer

Daniel Boot, Senior Corporate Communications Manager

Tel: 0114 255 5444

www.henryboot.co.uk

 

Deutsche Numis

Joint Corporate Broker

Ben Stoop

Tel: 020 7260 1000

 

Peel Hunt LLP

Joint Corporate Broker

Ed Allsopp / Charles Batten

Tel: 020 7418 8900

 

About Henry Boot PLC

 

Henry Boot PLC (BOOT.L) was established over 135 years ago and is one of the
UK's leading and long-standing property investment and development, land
promotion and construction companies. Based in Sheffield, the Group is
comprised of the following three segments:

 

Land Promotion:
Hallam Land Management Limited
(http://www.henryboot.co.uk/our-businesses/hallam-land-management/)

 

Property Investment and Development:
Henry Boot Developments Limited (HBD)
(http://www.henryboot.co.uk/our-businesses/hbd/) , Stonebridge Homes Limited
(http://www.henryboot.co.uk/our-businesses/stonebridge-homes/)

 

Construction:
Henry Boot Construction Limited
(http://www.henryboot.co.uk/our-businesses/henry-boot-construction/) , Banner
Plant Limited (http://www.henryboot.co.uk/our-businesses/banner-plant/) , Road
Link (A69) Limited (http://www.henryboot.co.uk/our-businesses/road-link-a69/)

 

The Group possesses a high-quality strategic land portfolio, a proven
reputation in the property development market for creating places with
purpose, backed by a substantial investment property portfolio and an
expanding, jointly owned, housebuilding business. It has a construction
specialism in both the public and private sectors, a plant hire business, and
generates strong cash flows from its PFI contract, Road Link (A69) Limited.

 

www.henryboot.co.uk (http://www.henryboot.co.uk)

 

 

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