11th Jul 2007 07:00
Inland PLC11 July 2007 For immediate release 11 July 2007 Inland plc ("Inland" or the "Company") Third land sale since IPO generating return on average capital employed of circ. 160% per annum Inland, which specialises in buying brownfield sites and enhances their value byobtaining planning permission, is pleased to announce that it has completed thesale of its third site since it commenced trading on AIM in March 2007. The site at Watford Road Northwood, Middlesex was first acquired in December2006 and subsequently sold by informal tender with strong interest being shownby a large number of local and regional housebuilders. The land which hadconsent for 14 homes achieved a sale price which represented a return onInland's average capital employed of circ. 160% per annum. Stephen Wicks Chief Executive of Inland commented "The price achieved for this site was considerably above the value at the timeof our flotation and confirms the strong demand for land with planningpermission in the attractive locations in which we operate." "Inland now controls 18 sites in its land bank comprising approximately 1,000potential residential plots and over 100,000 sq ft of commercial space. Weanticipate an increasing number of land sales in the new financial year as wellas the first major planning permissions coming through for the long term landbank which we expect to hold for the future." For further information please contact: Inland Plc Tel: 01923 713 600 Stephen Wicks, Chief ExecutiveNishith Malde, Finance DirectorDawnay, Day Corporate Finance Limited, Nominated Adviser Tel: 020 7509 4570 David FloydAlex StanburyBuchanan Communications Tel: 020 7466 5000Mark Edwards / Susanna Gale About Inland plc Inland plc is a dynamic developer of urban regeneration projects around SouthernEngland. Predominantly specialising in Brownfield developments, the Inland teamcan provide solutions to a variety of difficult and sensitive land situations. Inland successfully navigates the complex planning system, applying meticulousattention to detail throughout the design process whilst utilising its closeworking relationships with local authorities. Our ability to secure sites oftenoverlooked by others, means our track record in the development of Brownfieldopportunities is second to none. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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