17th Sep 2007 07:00
Inspace Plc17 September 2007 Press Release 17 September 2007 Inspace plc ("Inspace" or "the Company") Preferred Development Partner - Dee Park, Reading Inspace plc (AIM:INSP), one of the UK's leading specialist service providers tothe social and affordable housing market, announces that Reading Borough Councilhas recommended Inspace as a preferred development partner for the regenerationof the Dee Park Estate. Once formally ratified during the course of October,Inspace will work in joint venture with the Catalyst Housing Group, a leadingLondon based RSL. This major scheme, which is estimated to be valued at£140million, reinforces Inspace's credentials in this growth market and will see480 new open market homes for sale, 280 new homes for rent and a communityschool to be finally completed by 2017. - Ends - For further information:Inspace plcAndrew Telfer, Chief Financial Officer Tel: +44 (0) 1462 678 [email protected] www.inspace.co.uk Dresdner KleinwortChristian Littlewood Tel: +44 (0) 20 7623 8000 Media enquiries:AbchurchHenry Harrison-Topham Tel: +44 (0) 20 7398 [email protected] www.abchurch-group.com Notes to editors Inspace plc is a property based services group, and one of the UK's leadingspecialist service providers to the social and affordable housing market.Inspace has three complementary areas of activity: social housing, affordablehousing and corporate assets. Social Housing - creating and maintaining sustainable homes The division is one of the UK's leading specialist service providers to socialhousing landlords through long term framework contracts. Its services comprisemajor 'repair and maintenance', 'stock reinvestment' and new build programmesfor local authorities, Arms Length Management Organisations (ALMO) andRegistered Social Landlords (RSLs). Total spending on social housing is currently around £14 billion per annum, ofwhich around £10.3 billion is spent on repair, maintenance and improvement. Ofthis, £4 billion is spent on ongoing repair and maintenance, with the remaining£6 billion being spent on capital projects such as major refurbishment andimprovement. This includes a contribution of between £1 billion and £2 billion ayear from the Decent Homes initiative. The provision of new housing, which iscurrently running at around 35,000 units a year, adds a further £3.5 billion tothis sum. Affordable Housing - developing integrated communities The affordable housing division specialises in the provision of low cost homesfor sale in partnership with RSLs, usually alongside social housing built by theSocial Housing division, as part of more extensive mixed tenure schemes. It hasalready established a number of joint venture companies with RSLs and throughits involvement in the Key London Alliance consortium, has been appointed toprovide mixed tenure developments under the Government's London Wide Initiative. Corporate Assets - improving and maintaining public and private real estate The corporate assets division provides a comprehensive repair, maintenance,capital works and interior design service across public and private sectornon-residential real estate. It delivers 24/7 integrated maintenance servicesacross England, Scotland and Wales through its national network of branches and'home based' mobile engineers. Its specialist design-led service offerscustomers an integrated interior design, installation and furnishing 'one stop'solution. Further information on Inspace can be found at www.inspace.co.uk This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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