Springfield Properties plc announced that it has entered into a strategic collaboration agreement (the "Agreement") with BDW Trading Limited ("Barratt"), the principal operating subsidiary of Barratt Developments PLC, for the development of the Group's Durieshill site, creating a new village near Stirling. With planning in place for 3,000 private and affordable homes alongside new schools, local shops and other business opportunities, community woodlands and greenspace, Durieshill involves the creation of a new standalone sustainable village near Stirling and within commuting distance of Edinburgh and Glasgow. Spanning nearly 600 acres, Durieshill is the largest detailed planning application for housing development to be approved in Scotland to date.

Under the terms of the Agreement, Barratt will, in consideration for half of the land at Durieshill, provide and fund the infrastructure development for the entire site, expected to be over the next five years, and has made a cash payment of £10 million to Springfield. The provision of site infrastructure by Barratt will significantly accelerate the development of the site, whilst eliminating Springfield's requirement to tie up capital for the next five years. Springfield has received £10m from the profitable sale of the initial 34 acres of land.

The remaining land will be exchanged for the provision of site infrastructure over the coming years as development milestones are achieved. The cash proceeds from the profitable land sale will contribute to reducing Springfield's debt. The Group expects to report bank debt of £41 million as at 31 May 2024, ahead of its stated target of £55 million.