Springfield Properties has announced the signing of an agreement with Barratt Developments for the sale of 2,480 plots of undeveloped land across six sites for £64.2 million.

The proceeds from the sale will be used to accelerate the removal of the Group's outstanding bank debt and to capitalise on significant growth opportunities in the North of Scotland, driven by the region's expanding green energy sector.

"This profitable land sale will enable us to realise the value of our assets, accelerate our plans to remove bank debt and focus on the significant opportunity in the North of Scotland where we are uniquely positioned to excel," said Innes Smith, Chief Executive Officer of Springfield Properties.

-- Advertisement --

The Group will receive the £64.2 million consideration in cash over the next four years. Following this transaction, Springfield expects to reach a net cash position in FY 2027.

The Group will continue to operate in Central Scotland, delivering homes at locations such as Bertha Park and Dykes of Gray.

"New housing is required to cater for the thousands of workers needed to deliver the substantial green infrastructure development coming to the region and the ongoing population growth as a result of the economic stimulus these projects will bring," said Mr. Smith.

Springfield believes it is well-positioned to capitalise on this growth, with a significant land bank across the Highlands and Moray.