Barratt Developments Agrees to GBP168.4 Million Sale of Homes to Lloyds Banking Subsidiary
June 30 2023 - 2:44AM
Dow Jones News
By Joe Hoppe
Barratt Developments said Friday that it has agreed to the
future sale of 604 homes to Citra Living Properties, a wholly-owned
Lloyds Banking Group subsidiary, for a total cash consideration of
168.4 million pounds ($212.4 million).
The house builder said it will recognize the revenue and profit
upon the legal completion of each home under the future sale
agreement. Of the 604 homes, more than 500 are expected to be
completed and transferred to Citra's ownership over the next 12
months.
The remaining homes will be completed and transferred in the
year ending June 30, 2025.
"The single-family dwelling segment of the private rental sector
continues to grow strongly and presents an opportunity for us to
both diversify our revenues against the current challenging market
backdrop and develop communities which encompass all forms of
housing tenure," Chief Executive David Thomas said.
Write to Joe Hoppe at joseph.hoppe@wsj.com
(END) Dow Jones Newswires
June 30, 2023 02:29 ET (06:29 GMT)
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