MJ Gleeson PLC on Friday said it agreed to sell 288 homes across multiple developments to investment firm Carlyle Group Inc and single-family housing investment manager Gatehouse Investment Management Ltd.

Gleeson, a Sheffield-based housebuilder and land investor, said the sale will total £50.4 million, payable in cash upon completion of each home, excluding a ‘small’ retention.

Of the 288 homes up for sale, up to 66 were expected to be completed within its financial year that ends Friday, the rest carrying over into its financial 2024.

MJ Gleeson said the proceeds will be reinvested into the business for working capital purposes, while the transaction ‘strengthens Gleeson Homes’ forward order book and allows the business to expedite the opening of new sites’.

Chief Executive Officer Graham Prothero said: ‘This transaction represents a compelling opportunity in the context of the current uncertain market environment and we are delighted to be working with partners of the calibre of Carlyle and Gatehouse, who value the quality of our product and the communities which we create.’

MJ Glesson said it will issue a trading update on Friday next week. It expects confirm that it will deliver results for financial 2023 in line with expectations.

Shares in MJ Gleeson were up 3.2% to 370.00 pence each in London on Friday afternoon.

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