UK house builder Barratt Development has sold industrial land and buildings held by Wilson Bowden Developments (WBD) for £46 mln (EUR 48.8 mln) to an unnamed buyer. Barratt acquired WBD in April 2007 and embarked on a programme to dispose of £200 mln of property assets owned by WBD.
UK house builder Barratt Development has sold industrial land and buildings held by Wilson Bowden Developments (WBD) for £46 mln (EUR 48.8 mln) to an unnamed buyer. Barratt acquired WBD in April 2007 and embarked on a programme to dispose of £200 mln of property assets owned by WBD.
Under the terms of the deal, some £40 mln of the sale amount will be paid upon completion, which is scheduled for early 2009, with the remainder expected to follow over the course of the next 18 months. Jones Lang LaSalle Corporate Finance advised Barratt on the transaction.
The disposal increases the aggregate net sales proceeds expected to be realised from the various sales of WBD assets to approximately £155 mln.
Barratt said the net proceeds will be used to reduce group borrowings and that the process of divesting further WBD assets will continue.
