Inland Homes ups profit share from former RAF site in Middlesex
Inland Homes, the AIM-listed brownfield regeneration group, has increased its profit share from the Drayton Garden Village project in Middlesex after a further deferred payment to the government.
Inland Homes, the AIM-listed brownfield regeneration group, has increased its profit share from the Drayton Garden Village project in Middlesex after a further deferred payment to the government.
As part of its option and development services agreement with Drayton Garden Village, Inland has made another payment to the Defence Infrastructure Organisation (DIO) to raise its profit share to 72.08%. The DIO, formed in 2011, replaced the former Defence Estates and manages the Ministry of Defence's property infrastructure and defence estate.
The regeneration in West Drayton comprises of 773 new homes, an 80-bed care home and a number of commercial premises on the 31-acre former RAF site.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The company still has the potential to earn up to 90% of the profits realised from the sale of the property over the life of the project, under the agreement with the DIO.
Inland also announced that it has now completed the sale of its stake in Howarth Homes for £1.4m at a profit of £0.39m.
The firm's original intention behind its investment in Howarth was to seek a possible stock-market flotation. However, Inland said in its half yearly report last month that conditions on the AIM Market have "not been conducive to flotations in recent years" and announced its intention to sell its holding.
"These transactions mark further positive progress for Inland. It is particularly pleasing to have achieved our exit from the equity of Howarth at a satisfactory figure. These proceeds will be re-invested in our growing house building operations," said Chief Executive Stephen Wicks.
"We continue to have a good on-going relationship with Howarth as one of our key building contractors and our joint venture partners on the Croxley Green development."
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
-
Best funds to add to your ISA or SIPP before the Budget
With Labour expected to increase taxes, ISAs and SIPPs could be a great way to protect yourself from any CGT hikes. We look at the best funds to buy now
By Katie Williams Published
-
Starling Bank slapped with £29 million fine over ‘shockingly lax’ financial crime controls
The Financial Conduct Authority has fined Starling Bank £29 million over failings related to financial crime and its financial sanctions screenings
By Kalpana Fitzpatrick Published