14th Jun 2006 12:00
Barratt Developments PLC14 June 2006 14 June 2006 Barratt Developments Acquisition Barratt Developments PLC, one of the UK's leading housebuilders, has completedthe acquisition of Squire Bridge Limited, a Guildford-based developer, for atotal consideration in excess of £25m. Of the total consideration, £4.2m waspaid on completion with the balance payable when detailed planning consents arereceived. The consideration is being paid in cash out of the Group's 2006 landbudget. The acquisition is earnings enhancing from day one. The core assets of Squire Bridge consist of four development sites which are inexcellent locations in the Hampshire and West Sussex areas together with somecompleted properties. The proposed developments, which will become part of theBarratt Southampton & KingsOak Divisions, are currently expected to provide over250 low-rise, traditionally built homes. The largest of the sites being acquiredis in Four Marks where the site has been allocated for residential developmentand is likely to produce around 132 units. This land will complement an adjacentsite where Barratt already has an existing option which will produce around 50additional units. Two of the sites, at Alton and Pulborough, have detailed planning consents inplace for 87 units and therefore Barratt will be able to commence work on thesesites immediately and generate sales in this year. The fourth site for 35 homesis in Ashington. David Pretty, Group Chief Executive commented: "This acquisition providesBarratt with four excellent sites, two of which already have detailed planningconsents and so we can quickly commence building. There is also an added benefitin that the Four Marks site also adds to an adjacent site where our SouthamptonDivision already has existing options". Ends For further information, please contact: Barratt Developments:David Pretty, Group Chief ExecutiveMark 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 ExchangeRelated Shares:
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