Barratt Developments reveals a new partnership with Citra Living

June 30, 2023 01:16 PM PDT | By Invezz

Barratt Developments reveals a new partnership with Citra Living — Image source: Invezz

Barratt to sell homes to Citra Living

The property developer has agreed to selling 604 homes to Citra Living for a total of £168.4 million ($212.4 million).

More than 500 of those, it added, will likely be built and transferred to the wholly-owned subsidiary of Lloyds Banking Group within a year from now. According to CEO David Thomas:

The single-family dwelling segment continues to grow strongly and presents an opportunity for us to diversify our revenues and develop communities which encompass all forms of housing tenure.

Last month, the London-listed firm said it will deliver 16,500 to 17,000 homes this year. Its shares are roughly flat for the year at writing.

HSBC recently downgraded Barratt stock

Barratt Developments also confirmed today that the remaining homes will be completed and sold to Citra Living in the year ending 30^th June 2025.

It expects to realise the related boost to financials upon legal completion of the said homes. In the press release, Andy Hutchinson – the Managing Director of Citra Living said:

Our goal is to bring high-quality homes to the U.K. rental market, to help create balanced communities in places that people want to live. Our partnership with Barratt helps us achieve that goal.

The stock market news arrives only days after HSBC downgraded Barratt Developments PLC to “hold”. The firm’s £4.40 price target still suggests about a 6.0% upside from here.

The post Barratt Developments reveals a new partnership with Citra Living appeared first on Invezz.

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