Ashley House plc announced that it has completed contracts with Funding Affordable Homes (FAH) on its next two Extra Care developments. The Company is also announced the novation of a non-core part of its LIFT Joint Venture business. This announcement is further to that on 30 September 2015, where the Company advised that it had signed a Funding and Partnering Agreement with FAH.

These contracts provide full funding for design and construction and long term investment funding for the Company's Extra Care developments at Harwich and at Walton on the Naze. The Company expects the development at Harwich, which has already commenced to complete towards the end of 2016 with Walton on the Naze following around three months later. On completion FAH will become the long term owner of the developments.

These two schemes will generate revenues of £21 million. The agreement has resulted in an initial cash drawdown of £2.6 million, which will be partly used to repay short term debt that had been raised to fund the early stages of the developments.