Inland secures 42% profit share for flagship West Drayton development

Inland, which specialises in buying brownfield sites and enhances their value by obtaining planning permission, is pleased to report further progress on the West Drayton project.

On 24th March 2010 Inland made a payment of £3.0m to Defence Estates in accordance with a deferred payment schedule set out in the original purchase contract and in line with the development agreement with its joint venture partner.

The sum concerned was paid from Inland's free cash flow without any recourse to borrowings.

Under the terms of the joint venture agreement on this project, Inland's profit share now rises to approximately 42% and subject to further financial criteria being met Inland's profit share could rise to a maximum of 90%.

The planning application on West Drayton was submitted in October 2009 for 775 homes and 55,000 sq ft of employment and community uses. Negotiations are proceeding well with the relevant London Borough and we are anticipating a planning decision shortly. Investors can obtain more information on this project by viewing www.draytongardenvillage.com.  

Enquiries

Inland plc
Stephen Wicks, Chief Executive
Nishith Malde, Finance Director
Tel: 01494 762450

FinnCap Nominated Adviser & Broker
Matthew Robinson (Corporate Finance)
Tel: 020 7600 1658

Rhydian Bankes (Corporate Finance)
Tel: 020 7600 1658

Buchanan Communications
Jeremy Garcia / Christian Goodbody
Tel: 020 7466 5000

FinnCap Nominated Adviser & Broker
Matthew Robinson (Corporate Finance)
Tel: 020 7600 1658

Rhydian Bankes (Corporate Finance)
Tel: 020 7600 1658