Progress on Sale of WBD Asset

RNS Number : 4492J

Barratt Developments PLC

03 December 2008

 



Barratt Developments PLC (Barratt)

Progress on the sale of Wilson Bowden Development assets

Barratt today announces continuing progress in the sale of assets from the Wilson Bowden Developments portfolio, with net sales proceeds of approximately £109 million expected to be realised from sales agreed since the IMS on 18 November.

Contracts have now been exchanged for the sale of Eagles Meadow shopping centre, Wrexham for £79 million.  On completion, Barratt is expected to receive £74 million with the remainder due post completion. 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 consideration of approximately £30 million.

Net proceeds will be used to reduce group borrowings. Discussions on the sale of further assets from the Wilson Bowden Developments portfolio are progressing.

ENDS

For further information, please contact:

Barratt Developments PLC
Mark Pain, Group Finance Director	020 7299 4896
Dan Bridgett, Head of External Affairs	020 7299 4873

Note to editors:

Eagles Meadow comprises approximately 400,000 sq ft of retail and leisure accommodation, 48 residential units and a 1,000 space multi-storey car park.

 

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