UK house builder Barratt Development is to realise net proceeds of £109 mln (EUR 127.4 mln) on the sales of a shopping centre and commercial land in the UK. The assets are part of the portfolio of developer Wilson Bowden which Barratt acquired in April 2007. Barratt has indicated it intends to dispose of assets from the portfolio with a cash value of around £200 mln.
UK house builder Barratt Development is to realise net proceeds of £109 mln (EUR 127.4 mln) on the sales of a shopping centre and commercial land in the UK. The assets are part of the portfolio of developer Wilson Bowden which Barratt acquired in April 2007. Barratt has indicated it intends to dispose of assets from the portfolio with a cash value of around £200 mln.
In an announcement on Wednesday, Barratt said contracts have been exchanged for the sale of Eagles Meadow shopping centre, Wrexham for £79 mln. Eagles Meadow comprises 37,000 m2 of retail and leisure accommodation, 48 residential units and a 1,000 space multi-storey car park.
Barratt declined to name the buyer of the shopping center but media reports suggested it was LaSalle Investment Management. The disposal is due to complete prior to the end of the calendar year.
The group has also recently completed the disposal of 9.5 acres of commercial land for a supermarket development in Chesterfield, and the sale of Atlantic Quay 4, a completed office development in Glasgow, for a combined net price of about £30 mln.
Barratt said the net proceeds will be used to reduce group borrowings, and discussions on the sale of further assets are ongoing.
