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Barratt sells £109m of assets to reduce debt

Barratt Developments has sold £109 million of assets from its Wilson Bowden Developments portfolio over the past fortnight to reduce its near £1.65 billion debt.

Since the house builder’s interim management statement on 18 November, Barratt has sold three major developments helping the company to reduce its debt.

Contracts have now been exchanged for the sale of Eagles Meadow shopping centre in Wrexham for £79 million.

Barratt is expected to receive £74 million with the remainder due post completion with the disposal due to complete prior to the end of the calendar year.

The group has also recently completed the disposal of 9.5 acres of commercial land for a supermarket development in Chesterfield as well as the sale of Atlantic Quay 4, a completed office development in Glasgow, for a combined net consideration of approximately £30 million.

Net proceeds will be used to reduce group borrowings.

A company statement said: “Discussions on the sale of further assets from the Wilson Bowden Developments portfolio are progressing.”

Barratt’s net debt was listed as £1.65 billion in its full year results in June.