News blog
Inland
- BY: Andrew Hore |
- POSTED: 20/01/2009 |
Brownfield property investor Inland has sold a small site in Middlesex for £730,000 and hopes to complete other sales in the near future.
The sale price was nearly 3% below the balance sheet value but the sale helps to raise additional cash to invest elsewhere.
Inland is involved in the purchase of RAF West Drayton, Middlesex with other joint venture partners. The site is 32 acres and within a mile of Heathrow. There is scope for the construction of 1,000 homes as well as commercial and industrial space.
Inland has agreed to promote and manage the planning and development of the site in return for 35% of the net profit of the project. This means that the financial exposure is limited.
Shares in Inland rose 0.625p to 7p each, which values the property company at £11.3m.
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