By Joe Hoppe

Barratt Developments said Friday that it has agreed to the future sale of 604 homes to Citra Living Properties, a wholly-owned Lloyds Banking Group subsidiary, for a total cash consideration of 168.4 million pounds ($212.4 million).

The house builder said it will recognize the revenue and profit upon the legal completion of each home under the future sale agreement. Of the 604 homes, more than 500 are expected to be completed and transferred to Citra's ownership over the next 12 months.

The remaining homes will be completed and transferred in the year ending June 30, 2025.

"The single-family dwelling segment of the private rental sector continues to grow strongly and presents an opportunity for us to both diversify our revenues against the current challenging market backdrop and develop communities which encompass all forms of housing tenure," Chief Executive David Thomas said.

Write to Joe Hoppe at joseph.hoppe@wsj.com

(END) Dow Jones Newswires

June 30, 2023 02:29 ET (06:29 GMT)

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