(RTTNews) - Sustainable housebuilder Barratt Developments PLC (BDEV.L) announced Monday that it has acquired the land promoter Gladman Developments Ltd. for a total cash consideration of 250 million British pounds on a debt free and cash free basis.
The acquisition combines Barratt's best in class housebuilding operations with Gladman's excellent land sourcing and promotion capabilities, providing greater flexibility for landowners and significantly enhancing Barratt's strategic land credentials.
Gladman operates as a land promoter in the UK with particular strength in the south of England.
Following the acquisition, Gladman will operate as a stand-alone business within the Group led by its experienced management team, including David Gladman, Chairman and Victoria Hesson, CEO.
Gladman will continue to supply land to third parties as well as provide an additional route for Barratt to source strategic land and help to promote Barratt's existing strategic land portfolio.
Gladman's existing portfolio, comprising approximately 406 potential sites with an average site size of 242 plots, is expected to deliver an incremental 500 home completions per annum for Barratt from FY25.
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