Barratt to sell substantial resi portfolio for £168m

Barratt Developments chief executive David Thomas

Barratt Developments has agreed the future sale of 604 homes to Citra Living Properties, a wholly owned subsidiary of Lloyds Banking Group, for a combined total of £168.4m.

The Coalville-based housebuilder said in a statement that more than 500 of the properties will be completed and passed into Citra’s ownership over the next 12 months. The remainder will be transferred during the financial year to 30 June 2025, “reflecting the variations in both site development stages and build scheduling” across the sites.

Barratt will realise the proceeds of the sale agreement upon legal completion of each home.

David Thomas, Barratt CEO, said: “We are delighted to announce a significant step forward in our partnership with Citra, who share our commitment to delivering a wide range of high-quality, sustainable homes and communities across the UK.

“Since forming our strategic partnership in 2021, we have agreed the sale of some 502 homes on individual sites to Citra. Our focus on quality and the environmental performance of our homes has enabled us to assemble an attractive portfolio of homes in desirable locations for private rental.

“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.”

Andy Hutchinson, managing director of Citra Living, added: “Our goal at Citra is to bring much needed high quality homes to the UK rental market, to help create balanced communities in the places that people want to live. Our partnership with Barratt helps us achieve that goal and will contribute to delivering much needed housing stock across the UK.”

Click here to sign up to receive our new South West business news...