Springfield Properties has struck a £64.2million deal to sell nearly 2,500 plots to rival housebuilder Barratt.
The deal - which was announced to the markets at 7am this morning - see land across six undeveloped sites in Central Scotland change hands.
Springfield intends to use the proceeds of the sale to eliminate its bank debt and to focus on emerging opportunities in the North of Scotland.
Innes Smith, Chief Executive Officer of Springfield Properties, said: "This profitable land sale will enable us to realise the value of our assets, accelerate our plans to remove bank debt and focus on the significant opportunity in the North of Scotland where we are uniquely positioned to excel.
"New housing is required to cater for the thousands of workers needed to deliver the substantial green infrastructure development coming to the region and the ongoing population growth as result of the economic stimulus these projects will bring.
"With significant land holdings across the Highlands and Moray and an established presence, we are excellently positioned to capitalise on this opportunity.
"In addition, we continue to have a large high quality land bank, with this deal demonstrating the long-term value of that asset. Accordingly, and with a significantly strengthened balance sheet, we continue to look to the future with confidence."
FTSE 100
The UK's flagship share index, the FTSE 100, was up eight-points at 8,740 shortly after opening this morning.
Brent crude oil futures were up 0.22%, trading at $74.96 a barrel.
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