Broughton deal unlocks cash for Development Securities

Simon Donohue

The £11.4m sale of a site at Broughton, near Chester, has helped Development Securities to release cash from two of its "significant non-income producing legacy assets", the company said today.

The site has been acquired by a house builder.

Releasing its interim management statement covering the period from Wednesday 1 March 2013 to date, the company said it continued to make good progress.

Chief executive Michael Marx said: "We have made positive progress during the period and are continuing to see the benefits of our strategy of generating value and growth through real estate regeneration.

"With five planning consents secured in the period as well as further asset disposals, the company is in a strong position with respect to generating cash and further gains across our diversified portfolio of assets."

The Broughton site is one two non-income producing asset disposals that will enable up to £40m of cash to be generated over the next 18 months, the company said.

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