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Telford Homes sells London property for £63.2m

Tue, 31st May 2016 14:40

(ShareCast News) - Residential property developer Telford Homes has exchanged contracts for the sale of 150 homes and commercial buildings that are being built on Carmen Street, London, to M&G Real Estate, for a net £63.2m.Ahead of its preliminary results on Wednesday, the pre-construction deal was Telford's second transaction in the private rented sector (PRS) and also comprised the freehold interest of the properties. Its shares rose more than 2% on the news.Telford, which is focused on non-prime London property, said the sale to M&G was on a forward-funded basis and would comprise an initial land payment followed by regular payments throughout the construction period.The Carmen Street development has full planning permission to include a 22-storey tower and 206 new homes. The remaining 56 flats will be subsidised affordable homes and will be sold by Telford in a separate deal to a housing association. The development was anticipated to be completed in 2019.Telford said it continued to explore further PRS opportunities and its two transactions to date were just the start of the potential for PRS to become a permanent and more significant part of the group's sales mix.Directors were also exploring whether longer-term partnerships could be formed with institutional investors to enable further sales within a relatively fixed framework and to work together on future site acquisitions.
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13 Apr 2010 16:16

London close: Footsie finishes in the red

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13 Apr 2010 14:25

London afternoon: Losses pared

Footsie perked up over the lunch time session despite expectations of a weak start on Wall Street. Retail sales data has given a boost to retailers such as Kingfisher, Marks & Spencer, Next and Tesco. UK retail sales in March rose at their fastest rate in almost four years thanks to the earlier t

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13 Apr 2010 12:07

London midday: Equities drift lower

Mining stocks remain a drag on the Footsie but retailers see some support following the release of upbeat retail sales data. UK retail sales in March rose at their fastest rate in almost four years thanks to the earlier timing of Easter this year, new figures from the British Retail Consortium show

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13 Apr 2010 07:30

Telford sees FY 'materially ahead' of expectations

East London focused residential property developer Telford Homes said sales in the first quarter of 2010 were better than expected and now anticipates full year results will be 'materially ahead of market expectations.' In its trading update ahead of its full year results Telford said the sales e

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2 Dec 2009 17:09

London close: Miners push Footsie higher

Despite being weighed down by a number of ex-dividend stocks, Footsie finished the day in positive territory, with gains on miners outweighing losses on banks. With metals prices hardening, miners were in demand. Lonmin was the best performer after being raised to 'buy' by Investec, which also upgr

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2 Dec 2009 14:52

London afternoon: Footsie in the blue

Though banks are still looking sickly, Footsie has struggled into positive territory on the back of a strong mining sector. Royal Bank of Scotland (RBS) remains the biggest faller among blue-chips, with lingering concerns about its exposure to Dubai World's debt now overshadowed by with newspaper r

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2 Dec 2009 12:24

Telford Homes 'in good shape'

Telford Homes, the builder of homes in East London, is on course to match full-year forecasts and is confident enough in the housing recovery to start work at new sites next year. Profit before exceptional items for the six months ended 30 September leapt to £6.5m from £0.3m a year ago on revenue u

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2 Dec 2009 12:11

London midday: Banks get battered

After yesterday's strong gains, equities come off the boil today with banks, in particular, getting hammered, on enduring fears over exposure to Dubai debt. Royal Bank of Scotland (RBS) and Lloyds Banking are the big fallers among blue-chips, while elsewhere in the banking sector Barclays is also o

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2 Dec 2009 08:41

London open: Flat start for Footsie

London's blue chips have made a flat start despite gains for miners as gold hit a new record high. The metal rose above $1,200 per ounce again overnight in Asia as investors sought refuge from a weak dollar and Dubai's woes. Lonmin, Vedanta and Kazakhmys are all going well. Offsetting that are som

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2 Dec 2009 07:33

London pre-open: Flat start ahead

London's blue chips look set to open largely unchanged from yesterday's close, though commodities are likely to be in focus after gold hit a new record high. Gold rose back above $1,200 per ounce again overnight in Asia as investors sought refuge from a weak dollar and Dubai's woes. In corporate n

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2 Dec 2009 07:21

Olympic effect spurs Telford revival

Regeneration developments around the 2012 Olympics site helped Telford Homes, which builds homes in East London, buck the general gloom in the housebuilding sector to post a surge in profits. In the six months to September 30, Telford posted a rise in pre-tax profits to £6.5m from £0.3m on revenues

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22 Oct 2009 06:00

Thursday tips round-up: Home Retail, Drax, Carillion

Home Retail Group, the owner of Argos and Homebase, is well placed to benefit from a sustained upturn in consumer spending. When this comes, it represents a safe pair of retail hands in the long-term. The valuation remains a concern, but given that Mervyn King, Governor of the Bank of England, is be

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21 Oct 2009 16:57

London close: Footsie finishes firmer

After an up and down day, London's blue-chip index finished the day as it started it, in positive territory. Stocks needed the help of a firm start on Wall Street, however, to state a late rally. US shares opened higher after investment bank reported its first quarterly profit in a year after three

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21 Oct 2009 14:38

London afternoon: Miners a drag

Mining stocks and a couple of blue-chips going ex-dividend today pushed the Footsie below 5200 in the morning session though the index showed some signs of recovery over the lunch-time session. Smiths Group and BSkyB are the highest profile stocks in the red as a result of trading in ex-dividend st

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21 Oct 2009 12:03

London midday: Blue chips turn lower

Footsie's early drift has given way to more substantial falls as US futures point to a lower opening on Wall Street. Smiths Group and BSkyB are the highest profile stocks in the red as a result of trading in ex-dividend status today. Also on the downturn is London Stock Exchange, after Goldman Sach

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