17th Dec 2008 15:36
Barratt Developments PLC (Barratt)
Further sale of Wilson Bowden Developments assets
Following the recent announcement of progress on the sale of Wilson Bowden Developments (WBD) assets, Barratt is pleased to announce that WBD has now also entered into a contract to sell industrial land and buildings for a total consideration of £46million. £39.2million is due upon completion, which is scheduled for early 2009, with the remainder expected to follow over the course of the next 18 months.
This further disposal will increase the aggregate net sales proceeds expected to be realised from the various sales of WBD assets agreed since the IMS on 18 November to approximately £155million.
Net proceeds will be used to reduce group borrowings. The process of divesting further WBD assets is ongoing.
ENDS
For further information, please contact:
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Barratt Developments PLC |
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Mark Pain, Group Finance Director |
020 7299 4896 |
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Dan Bridgett, Head of External Affairs |
020 7299 4873 |
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