Barratt Developments PLC
14 June 2006
14 June 2006
Barratt Developments
Acquisition
Barratt Developments PLC, one of the UK's leading housebuilders, has completed
the acquisition of Squire Bridge Limited, a Guildford-based developer, for a
total consideration in excess of £25m. Of the total consideration, £4.2m was
paid on completion with the balance payable when detailed planning consents are
received. The consideration is being paid in cash out of the Group's 2006 land
budget. The acquisition is earnings enhancing from day one.
The core assets of Squire Bridge consist of four development sites which are in
excellent locations in the Hampshire and West Sussex areas together with some
completed properties. The proposed developments, which will become part of the
Barratt Southampton & KingsOak Divisions, are currently expected to provide over
250 low-rise, traditionally built homes. The largest of the sites being acquired
is in Four Marks where the site has been allocated for residential development
and is likely to produce around 132 units. This land will complement an adjacent
site where Barratt already has an existing option which will produce around 50
additional units.
Two of the sites, at Alton and Pulborough, have detailed planning consents in
place for 87 units and therefore Barratt will be able to commence work on these
sites immediately and generate sales in this year. The fourth site for 35 homes
is in Ashington.
David Pretty, Group Chief Executive commented: 'This acquisition provides
Barratt with four excellent sites, two of which already have detailed planning
consents and so we can quickly commence building. There is also an added benefit
in that the Four Marks site also adds to an adjacent site where our Southampton
Division already has existing options'.
Ends
For further information, please contact:
Barratt Developments:
David Pretty, Group Chief Executive
Mark Pain, Group Finance Director 0191 227 2005
Weber Shandwick Square Mile:
Chris Lynch / Terry Garrett 0207 067 0700
This information is provided by RNS
The company news service from the London Stock Exchange
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