Barratt Developments has sold a portfolio of 604 homes to Lloyds Bank’s Citra Living for £168.4m.
The future sale deal covers homes due to be completed by June 2025.
Barratt chief executive David Thomas said the deal was “a significant step forward in our partnership with Citra”, with which it formed a strategic partnership in 2021 to deliver 1,000 homes per year.
The first development in the partnership involved 150 homes at Ladden Garden Village between Bristol and Bath, with 502 homes added over the past 12 months and additional sites planned for the future.
This latest deal will more than double the number of homes Barratt has sold to the residential landlord.
The current gross asset value of the portfolio is £72.4m, based on the value of the land and works done so far.
Andy Hutchinson, managing director at Citra Living, said: “Our goal at Citra is to bring much-needed high-quality homes to the UK rental market, to help create balanced communities in the places that people want to live. Our partnership with Barratt helps us achieve that goal.”
Within the 604-home portfolio there are 195 homes across four developments, with a gross asset value of £21.5m, which are conditional on the satisfactory completion of due diligence by Citra.
Savills acted for Barratt.
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