Telford Homes PLC Update on United House Developments acquisition (5773F)
29 July 2016 - 4:00PM
UK Regulatory
TIDMTEF
RNS Number : 5773F
Telford Homes PLC
29 July 2016
29 July 2016
Telford Homes Plc
('Telford Homes' or the 'Group')
Update on acquisition of the regeneration business of United
House Developments
Telford Homes Plc (AIM:TEF), the London focused residential
property developer, is pleased to announce the completion of the
purchase of United House Group Holdings Limited ("UHGH") interest
in Gallions Quarter and that it has secured a GBP110 million loan
facility for its City North development. The purchase of the
interest in Gallions Quarter was deferred from the original
acquisition of the regeneration business of United House
Developments ("UHD") from UHGH, as announced on 21 September
2015.
Gallions Quarter is a multi-phase development adjacent to
Gallions Reach DLR station near Royal Albert Dock. The development
is controlled by Notting Hill Housing Group ("NHHG") and Telford
Homes is acquiring a 50 per cent interest in two of the phases to
be developed in partnership with NHHG. NHHG and Telford Homes have
already established a strong partnership on many other developments
including a joint venture at Chobham Farm, Stratford. The first of
these phases has a detailed planning consent for 292 new homes,
which are due for completion in 2020. The second phase, which will
commence after phase one has completed, has outline consent for a
further 254 new homes. The area around the Royal Docks is
experiencing significant regeneration and substantial commercial
investment following the construction of a new Crossrail station at
Custom House, which is due to open in 2018.
The loan facility to finance the development of City North a
joint venture with The Business Design Centre has been secured from
the LaSalle Residential Finance Fund. This will provide funding for
the mixed use development comprising 355 apartments and 109,000
square feet of retail, leisure and office space adjacent to
Finsbury Park station. Telford Homes has recently commenced work on
site for this exciting scheme.
Since the time of acquisition, the Group has also made good
progress on the other two developments purchased from UHGH.
Planning consent has been secured at Balfron Tower, an iconic 26
storey grade II listed building in Poplar, consisting of 146
existing homes that are being fully refurbished. In addition a
planning application has been submitted for the regeneration of
Chrisp Street market which, along with providing new homes, will
transform the area around the existing market square into a new
commercial and leisure destination.
Jon Di-Stefano, Chief Executive of Telford Homes, commented:
"The Board is very pleased with the progress made since September
2015 across all of the sites acquired from UHGH and we look forward
to their successful development over the next few years."
- Ends -
For further information:
Telford Homes Plc
Jon Di-Stefano, Chief Executive Tel: +44 (0) 1992
Katie Rogers, Finance Director 809 800
www.telfordhomes.london
Shore Capital - Nomad and
Joint Broker
Dru Danford / Patrick Castle Tel: +44 (0) 20
7408 4090
Peel Hunt LLP - Joint Broker
Charles Batten / Capel Irwin Tel: +44 (0) 20
7418 8900
Media enquiries:
Buchanan
Henry Harrison-Topham / Tel: +44 (0) 20
Vicky Hayns 7466 5000
telfordhomes@buchanan.uk.com www.buchanan.uk.com
This information is provided by RNS
The company news service from the London Stock Exchange
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