REG - Springfield Props. - Sale of land for £4.2 million

Springfield PropertiesAnnouncement

04/12/2023 07:00

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RNS Number : 5372V  Springfield Properties PLC  04 December 2023

4 December 2023

 

Springfield Properties plc

("Springfield", the "Company", the "Group" or the "Springfield Group")

 

Sale of land for £4.2 million

 

Springfield Properties plc (AIM: SPR), a leading housebuilder in Scotland
focused on delivering private and affordable housing, is pleased to announce
that it has signed a binding agreement for the sale of approximately 45 acres
of land for £4.2m. The land, which equates to 190 plots, is fully owned by
the Group, such that the cash inflow to the Group will be £4.2m.

 

The Group will receive £830k on completion of the sale, which is expected
later this month, with the remainder to be paid by 22 May 2024. The proceeds
from the sale will support the Group's ongoing target to reduce Group debt.

 

Innes Smith, CEO of Springfield Properties, said: "We are pleased to have
agreed another profitable land sale as we continue to deliver on our strategy
to reduce our debt position. In the last two months, we have secured almost
£10m in land sales, with the proceeds to all be received during the current
financial year - and without any impact on our development pipeline for the
coming years. We continue to receive strong demand for our large, high quality
land bank. Accordingly, this sale, alongside others that we expect to conclude
in the near-term, mean that we are well-positioned to meet our debt reduction
targets."

 

 

Enquiries:

 

 Springfield Properties
 Sandy Adam, Chairman                                          +44 1343 552550

 Innes Smith, Chief Executive Officer

 Iain Logan, Chief Financial Officer

 Singer Capital Markets
 Shaun Dobson, James Moat, Oliver Platts (Investment Banking)  +44 20 7496 3000

 Gracechurch Group
 Harry Chathli, Claire Norbury                                 +44 20 4582 3500

 

Analyst Research

 

Equity Development and Progressive Equity produce freely available research on
Springfield Properties plc, including financial forecasts. This is available
to view and download here:

https://www.thespringfieldgroup.co.uk/news/updates-and-analyst-reports
(https://www.thespringfieldgroup.co.uk/news/updates-and-analyst-reports)

 

 

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