Firm targeting new development investment with £50m fund

Greenwich Creekside, Telford Homes

Developer Telford Homes has reported a solid start to the year selling over 240 homes in the first three months of the financial year.

In a statement to the City, Jon Di-Stefano, chief executive of Telford, said that “trading continues to progress well and that demand remains strong in the group’s target market”.

He added: “Since 1 April 2013 the group has sold over 240 open market properties, which compares favourably to the 803 sold in the full financial year to 31 March 2013.

“Recent sales launches have continued to show evidence of demand for our typical product, both in the UK and overseas, including the latest release at Bow Trinity being sold within two hours of the sales centre opening.”

He also said the firm had amassed a £50m investment fund following a £20m equity share placing, which he said was “oversubscribed”. He added that number of opportunities for investment in new developments had alredy been identified.

Di-Stefano said: “There is a shortage of homes in London and, given continuing strong demand and the funds raised in the placing, the group is in an excellent position to capitalise on the lack of supply and significantly increase its output over the next few years.”