LONDON (dpa-AFX) - Barratt Developments plc (BDEV.L) announced on Friday that it has agreed to sell 604 homes to Citra Living Properties, a unit of Lloyds Banking Group plc in a future sale agreement. The total cash consideration is 168.4 million pounds.
Under the future sale terms, the Barratt will recognize the profit on legal completion of each home. Out of the 604 homes, 500 are expected to be legally completed and transferred to Citra's ownership over 12 months to June 30, 2024.
The remaining homes will be transferred to Citra in the financial year to June 30, 2025.
On Thursday, shares of Barratt closed at 412.40 pence down 1.69% or 7.10 pence on the London Stock Exchange.
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