First Main Works Agreement

Springfield Properties plc (AIM: SPR), a leading housebuilder in Scotland, is pleased to announce that it has signed its first main works agreement under its build-to-lease housing partnership with a major energy infrastructure provider in the North of Scotland. The furnished and serviced homes will accommodate workers involved in the partner’s energy upgrade projects.

This follows the Group signing an initial agreement, as announced on 17 December 2025, to commence delivering 293 homes at six sites across the Highlands, Moray and Aberdeenshire. The Group has now progressed to signing a main works agreement for the first site, totalling 39 homes, and expects to sign a lease agreement shortly. The Group will receive a significant payment upon handover and then monthly rental revenue for the duration of the lease.

Innes Smith, Chief Executive Officer of Springfield Properties, said: “We are delighted to have signed this milestone agreement under our partnership with a major energy infrastructure provider in the North of Scotland. This new approach to housing delivery gives us a significant payment on handover, income over the course of the multi-year lease, plus attractive options at the conclusion of the lease period. Now that we have established a framework for the contracts, we expect to sign build and lease agreements for further sites in the near term.”