LONDON--House builder Barratt Developments PLC (BDEV.LN)
Wednesday said it will build 1,100 new homes for London via
formation of two new joint ventures, and confirmed that it was now
targeting 2,000 completions per year from its London business in
the medium term.
MAIN FACTS:
-Two further joint ventures (JVs) would bring the gross
development value (GDV) of the Group's JVs in the capital to over
2.0 billion pounds.
-British Land (BLND.LN) and Barratt London have secured planning
permission for 463 homes, a 160 room hotel, retail and office space
at Aldgate Place on the edge of the City.
-Development will include three towers of over 20 storeys as
well as public open space and a pedestrian street; It will have a
GDV of around GBP250 million and work is scheduled to start early
in 2014.
-Progressing a further JV with L&Q, to develop the
Sainsbury's site at Nine Elms.
-Site has GDV of GBP425 million with a detailed planning
permission for 645 homes, a new Sainsbury's store and 27,000 square
feet of retail and office space.
-Shares of Barratt Developments on Tuesday closed at 342 pence,
valuing the company at GBP3.35 billion.
-Write to Tapan Panchal at tapan.panchal@dowjones.com
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