Barratt sells 604 homes to Citra for £168.4m

Barratt Developments (LSE: BDEV) has announced a significant deal with Citra Living Properties, a wholly-owned subsidiary of Lloyds Banking Group (LSE: LLOY). The agreement entails the sale of 604 homes to Citra for an impressive £168.4 million in cash.

Over the course of the next 12 months, more than 500 homes are expected to be legally completed and transferred to Citra, with the remaining properties slated for completion by June 2025. These variations in the timeline are attributed to different stages of site development and building schedules, as Barratt clarified.

This future sale agreement will be reflected in Barratt’s profit and revenue, signalling a potentially positive impact for the company. Consequently, shares in Barratt rose by 0.7% to reach 415.40 pence each in London, while Lloyds experienced a 1.4% jump, with shares priced at 43.35p.