Housebuilding and brownfield development group Inland Homes has announced a sale, new credit facility and investment into a premium housebuilding company.
In a stock market announcement this morning it said it has sold the majority of the former RAF Stanbridge site in Buckinghamshire to Catalyst Housing association for £14m.
Inland has retained 0.5 acres of the site with planning permission for 4,000 sq ft of commercial space, where a pre-let has been agreed with a food retailer.
Separately, group subsidiary Inland Homes Developments has signed a £20m revolving credit facility with Barclays Bank.
The facility will be used to finance housebuilding activities and matures on 31 October, 2019, with the potential to draw down a further £10m.
Finally, Inland has taken a 25% stake in housebuilding company Troy Homes for £1m. A further £2m will be available to Troy via loan notes which will bear interest.
Inland chief executive Stephen Wicks said: “The investment in Troy Homes will enable the group to have an interest in the premium housebuilding market via a very experienced management team.”
