REG - Springfield Props. - Sale of land for £8.7m

Springfield PropertiesAnnouncement

19/02/2024 07:00

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RNS Number : 5817D  Springfield Properties PLC  19 February 2024

19 February 2024

 

Springfield Properties plc

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

 

Sale of land for £8.7m

 

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 an agreement for the sale of approximately 11.2 acres of
land for £8.7m. The land, which equates to 85 plots, is fully owned by the
Group, such that the cash inflow to the Group will be £8.7m.

 

The Group expects to receive £6.5m in the current financial year and the
remainder in the following year. The proceeds from the sale will support the
Group's ongoing target to reduce debt.

 

Innes Smith, CEO of Springfield Properties, said: "We are pleased to have
agreed another profitable land sale, which brings the total since October 2023
to over £18m. With one of the largest, high-quality land banks in Scotland,
these sales are an attractive way of monetising our land bank without
impacting our development pipeline. We are in advanced negotiation regarding
further land sales, which remains a key element of our strategy to reduce our
bank debt."

 

 

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, Henry Gamble                   +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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