Business
Sale of land for £4.2 million
Sale of land for £4.2 million.
About this update from Springfield Properties Plc
[{"type":"text","content":"\n\n4 December 2023\n \nSpringfield Properties plc\n(\"Springfield\", the \"Company\", the \"Group\" or the \"Springfield Group\")\n \nSale of land for £4.2 million\n \nSpringfield 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.\n \nThe 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.\n \nInnes 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.\" \n \n \nEnquiries:\n \n\n\n\n\nSpringfield Properties\n\n\n\n\n\n\n\nSandy Adam, Chairman\nInnes Smith, Chief Executive Officer\nIain Logan, Chief Financial Officer\n\n\n+44 1343 552550\n\n\n\n\n\n\n\n\n\n\n\n\nSinger Capital Markets\n\n\n\n\n\n\n\nShaun Dobson, James Moat, Oliver Platts (Investment Banking)\n\n\n+44 20 7496 3000\n\n\n\n\n\n\n\n\n\n\n\n\nGracechurch Group\n\n\n\n\n\n\n\nHarry Chathli, Claire Norbury\n\n\n+44 20 4582 3500\n\n\n\n\n \nAnalyst Research\n \nEquity Development and Progressive Equity produce freely available research on Springfield Properties plc, including financial forecasts. This is available to view and download here:\nhttps://www.thespringfieldgroup.co.uk/news/updates-and-analyst-reports\n \n \n\n","length":5307,"tagName":"div"}]