Barratt agrees £168.4m deal with Citra for 604 homes

30th Jun 2023 07:03

(Sharecast News) - Barratt Developments has a agreed the future sale of 604 homes to Citra Living Properties, a wholly-owned subsidiary of Lloyds Bank for £168.4m.

The housebuilder on Friday said it would recognise revenue and profit on the legal completion of each home under the sale agreement.

Of the 604 homes more than 500 are expected to be legally completed and transferred to Citra's ownership over the 12 months to June 2024. The rest will be completed and transferred in the following fiscal year, reflecting the variations in both site development stages and build scheduling, across the sites included in this transaction, the company added.

Reporting by Frank Prenesti for Sharecast.com