Berkeley Acquires Outstanding Stake in National Grid JV for GBP412.5 Million
15 Março 2022 - 8:41AM
Dow Jones News
By Joe Hoppe
Berkeley Group Holdings PLC said Tuesday it has acquired the
outstanding 50% in its St William Homes LLP joint venture from
National Grid PLC for 412.5 million pounds ($536.3 million) in
cash, advancing its earnings forecasts.
The house builder said the acquisition represents full control
over 20,000 future homes across 24 sites. St William formed in 2014
as an equal partnership to convert former gasworks sites in London,
England that the National Grid no longer required, to create
mixed-use residential developments.
National Grid said it and Berkeley have entered into a series of
sale and purchase agreements for a number of additional sites owned
by National Grid, expected to complete in the period to 2025 for a
total of around GBP270 million.
The utilities company also said a deferred consideration of
GBP230 million for sites previously sold to St. William is payable
by Berkeley to National Grid over the period to 2031.
The company said the acquisition has helped it achieve its
target of securing at least GBP7.5 billion of estimated future
gross margin in its landholdings, well ahead of its targeted date
of April 2025. The acquisition further underpins earnings for the
next three years, and the company said it now expects to achieve
existing pretax profit guidance for fiscal 2024 and fiscal 2025 a
year earlier in each case.
"The acquisition continues Berkeley's philosophy of investing at
the right time in the cycle for the long-term, securing unrivalled
land holdings in London and the south-east," Chief Executive Rob
Perrins said.
Write to Joe Hoppe at joseph.hoppe@wsj.com
(END) Dow Jones Newswires
March 15, 2022 07:26 ET (11:26 GMT)
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