Springfield Properties plc, delivering private and affordable housing in Scotland, announces the conditional acquisition of Tulloch Homes, an Inverness-based housebuilder focused on building high-quality private housing in the Scottish Highlands, for a net consideration of £56.4 million.

This is Springfield’s third acquisition since joining the market in 2017, becoming Scotland’s “only listed housebuilder.”

The acquisition enhances Springfield’s foothold in the Scottish Highlands in and around Inverness – an area of high and growing demand.

The Company also announces a proposed placing of new ordinary shares at a price of 140 pence per share to raise gross proceeds of £22.0 million. The placing is being conducted via an accelerated book-build and the net proceeds will be used to re-finance part of the initial cash consideration of the acquisition.