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Inland

  • BY: Andrew Hore |
  • POSTED: 19/12/2008 |

Brownfield site developer Inland has agreed a £10m facility with National Westminster.

Inland was hoping for £15m but cautious land valuations and low loan to value percentages meant that £10m was all it could get. The facility, which lasts until 15 December 2009, was previously set at £7m.

Shares in Inland rose 0.625p to 6.5p each, which values the company at £10.45m. The June 2008 net asset value was 32.9p a share.

Inland will reduce its overheads and has agreed some site sales.

Inland is not buying land at the moment but it is looking for profit sharing deals with land owners. A deal has been struck in West London where Inland will get 35% of the net profit of a development in return for managing it and investing £500,000. Inland will also contribute £500,000 towards professional fees. If it invests more the profit share percentage will increase.

Three existing sites have gained planning permission in recent months. They will include 24 residential units.

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