Trilandium buys Eatonfield estate
TROUBLED Cheshire developer Eatonfield has struck a deal to sell a significant part of its estate to Leeds-based developer Trilandium.
The Tarporley-based company has been seeking to raise cash from the sale of its property portfolio for some time. It now expects to receive £6.65m over the next three years from the sale of seven residential sites in Wales.
A further £2.75m will come from the disposal of a site at Birkwood near Glasgow.
AIM-listed Eatonfield also expects to secure housebuilding contracts with Trilandium for 243 units in Wales, which could be worth £25m over the next five years, and 76 in Scotland, subject to planning permission.
The sale of the Welsh sites has the backing of Eatonfield’s bank but the Scottish deal still needs approval.
The company said it will use the cash to reduce net debt of £26.9m. The total proceeds of £9.4m match the amount of debt secured on the sites.
