UK-based housebuilder Barratt is expected to place its commercial property development division up for sale, according to a report from the Financial Times. The sale of Wilson Bowden Developments for a projected £250mln (EUR 313mln) would help offset the debt incurred on the £2.2bn (EUR 2.75bn) purchase of Wilson Bowden in 2007. Wilson Bowden Developments focuses on UK city-centre regeneration projects as well as office and industrial development. Jones Lang LaSalle Corporate Finance is assisting with the projected sale, with the division expected to come onto the market in the coming weeks.
UK-based housebuilder Barratt is expected to place its commercial property development division up for sale, according to a report from the Financial Times. The sale of Wilson Bowden Developments for a projected £250mln (EUR 313mln) would help offset the debt incurred on the £2.2bn (EUR 2.75bn) purchase of Wilson Bowden in 2007. Wilson Bowden Developments focuses on UK city-centre regeneration projects as well as office and industrial development. Jones Lang LaSalle Corporate Finance is assisting with the projected sale, with the division expected to come onto the market in the coming weeks.
The company's property portfolio consists of over 185,000 m2 and their project pipeline includes the £600mln (EUR 75 mln) Ravenscraig mixed-use scheme in Scotland. The timing of the sale isn’t ideal due to the current difficulties on the commercial property market and financing conditions will limit the number of potential buyers. Barratt’s shares have fallen 67% in the past year.
