Scottish housebuilder Springfield Properties plc has sold land equating to 170 plots at a site in Central Scotland for £12.0m in cash.

The group received the full consideration upon completion and used £6.5m of the proceeds to pay the final consideration for its acquisition of Mactaggart & Mickel Group's Scottish housebuilding business, which was originally announced in June 2022.

The initial 2022 acquisition deal included £30.8m of deferred consideration payable proportionally as homes were sold over a five-year period. As of 31st May 2026, the outstanding deferred consideration stood at £20.7m, which has now been fully satisfied significantly ahead of schedule.

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Innes Smith, Chief Executive Officer of Springfield Properties, 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."