Inland Homes shares up as hotel sale becomes unconditional

AIM-listed brownfield development specialist Inland Homes (LON:INL) has seen its share price rise by 2.22% to 61.33p (as of 9:50 BST) after it updated the markets about its West Cliff Road site in Bournemouth. The company signed a conditional forward sale in November and the conditions have now been satisfied. As a result, the company will receive a £13.26 million consideration once construction on the site is completed, which is estimated to be December 2020.

CEO Stephen Wicks commented: “We are delighted that the forward sale agreement with Aviva Investors is now unconditional, at a starting yield of 4.15%. This will generate an attractive capital sum for Inland on completion of the development which is significantly more than initially anticipated.

The move to Burnham yard will enable us to have significantly more space and will provide further room to continue the expansion of our operations in the future“.