Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. Barratt sells £72m worth of properties to Lloyds Bank division
Barratt Developments LON:BDEV has announced the sale of 604 homes to Citra Living, a division of Lloyds Bank. The bulk of these sales will take place in the next 12 months, with Barratt recognising revenue and profit on each transaction. Total transaction value is £72m. Citra will then rent these high quality homes out to tenants, something that again indicates that the idea of home ownership may soon be consigned to history.
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#2. MJ Gleeson’s £50m property sale to global investment group
MJ Gleeson LON:GLE has also announced the sale of a portfolio of properties to Carlyle, covering 288 homes. The sale of up to 66 will be completed in this financial year, with the balance being sold in FY 2024. The total transaction value is around £50m and management see it as presenting a compelling opportunity given economic uncertainties impacting the underlying housing market today.
#3. ITM Power achieves new accreditation
ITM Power LON:ITM has this morning advised the market that it received accreditation from UKCA, enabling green hydrogen projects to show that they conform with the relevant UK legislation. From the end of next year, this replaces the CE mark that has long been applied to goods, but the key issue here is that nothing new is being brought to the table – this seems unlikely to have much of an impact on the share price.
