Barratt Developments PLC on Friday said it will sell 604 homes to Citra Living Properties Ltd for £168.4 million in cash.

The Leicestershire, England-based housebuilder said more than 500 homes are expected to be legally completed and transferred to Citra over the next 12 months to June 30, 2024, while the remaining homes will be completed by June 2025. This is due to variations in site development stages and building scheduling, Barratt explained.

The company noted that the future sale agreement will be reflected in its profit and revenue.

Citra is a wholly owned subsidiary of Lloyds Banking Group PLC.

Shares in Barratt were up 0.7% at 415.40 pence each in London on Friday morning. Lloyds shares were up 1.4% at 43.35p.

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