Springfield Properties has sold land in central Scotland for £12m, part of which will be used to make the final payment on its acquisition of the Scottish housebuilding business of Mactaggart & Mickel Group four years ago.
The land sale, equating to 170 plots, is in line with the Elgin-based company’s cash targets. Springfield has used £6.5m of the proceeds to settle its outstanding payment on the M&M deal.
Innes Smith, chief executive of AIM-traded Springfield, said: “Two years ago, we set out a clear strategy to unlock value from our substantial land bank through a series of profitable land sales, and this transaction marks the successful completion of that programme.
“As recently announced, we reached a net bank cash position ahead of market expectations.
“Now, by applying proceeds from this land sale to settle the final Mactaggart & Mickel acquisition payment, we have also completed the deferred consideration significantly ahead of schedule.
“This milestone further strengthens our balance sheet and our position to capitalise on future growth opportunities.”
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