REG - Springfield Props. - Sale of land for £5.2 million

Springfield PropertiesAnnouncement

16/10/2023 07:00

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RNS Number : 1492Q  Springfield Properties PLC  16 October 2023

16 October 2023

 

Springfield Properties plc

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

 

Sale of land for £5.2 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 9.5 acres
of land for £5.2m. The land, which equates to 92 plots, is fully owned by the
Group, such that the cash inflow to the Group will be £5.2m.

 

The Group will receive £0.5m in the coming days with the remaining £4.7m
paid upon completion, which is expected to occur in March 2024. Following the
receipt of the £0.5m, the agreement becomes unconditional in all respects.
The proceeds from the sale will support the Group in its target to reduce
Group debt.

 

Innes Smith, CEO of Springfield Properties, said: "This profitable land sale
will help us to reduce our debt position, which, as we said at the time of our
results, is very much our focus. With our large land bank with planning in
place, we have the ability to generate cash from the sale of land without any
impact on our development pipeline for the coming years. We continue to be in
discussions with other housebuilders and affordable housing providers about a
number of our sites, which we hope to complete in the near term. We believe
there will be significant pent-up demand coming through in the land market and
we are excellently-positioned to benefit from this."

 

 

Enquiries:

 

 Springfield Properties
 Sandy Adam, Chairman                     +44 1343 552550

 Innes Smith, Chief Executive Officer

 Singer Capital Markets
 Shaun Dobson, James Moat, Oliver Platts  +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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