Springfield Properties buys rival Walker for £31m
Springfield Properties has acquired rival Scottish housebuilder Walker Holdings for £31m.
The deal will expand Springfield’s presence to the high-growth commuter belt surrounding Edinburgh, which the company said is beneficial given that the Midlothian and East and West Lothian areas have recently seen the highest growth in house prices in Scotland.
Springfield last year acquired Dawn Homes, giving the company similar access to Glasgow’s commuter belt.
Springfield Properties has acquired rival Scottish housebuilder Walker Holdings for £31m.
The deal will expand Springfield’s presence to the high-growth commuter belt surrounding Edinburgh, which the company said is beneficial given that the Midlothian and East and West Lothian areas have recently seen the highest growth in house prices in Scotland.
Springfield last year acquired Dawn Homes, giving the company similar access to Glasgow’s commuter belt.
The merged company will retain Walker’s offices in Livingston, along with its 50 staff and its brand. In total, the company operates on 43 active sites.
The acquisition was financed by existing cash and facilities from Bank of Scotland.
Sandy Adam, executive chairman of Springfield, said: “The acquisition has enabled us to diversify our landbank with sites at various stages of planning and development in east central Scotland, where we have been looking to strengthen our foothold.
“The acquisition of Walker supports Springfield’s growth aspirations with land and skilled employees. It enables us to deliver housing more widely across Scotland at a time when supply continues to fall well short of demand and average house price growth in Scotland is ahead of the rest of the UK.
“Interest rates are low, mortgage vailability is good, barriers to new entrants are high and Springfield is well-positioned to benefit.”
To send feedback, e-mail karl.tomusk@egi.co.uk or tweet @karltomusk or @estatesgazette
