Barratt Said Nearing Deal for Bulk Sale of 300 London ApartmentsBy
Barratt Developments Plc is close to completing the sale of about 300 London apartments to U.S. investor Greystar Real Estate Partners LLC, according to a person with knowledge of the plan.
The apartments are spread across four developments being undertaken by the U.K.’s third-largest housebuilder and some have yet to be built, said the person, asking not to be identified because the plan is not public. The homes will be valued at about 250 million pounds ($310 million) when completed and will be offered for rent by Greystar, the person said.
Spokesmen for Barratt and Charleston, South Carolina-based Greystar declined to comment.
Developers in central London are turning to bulk sales as demand for luxury apartments wanes amid higher taxes and increased supply. The number of homes under construction in the center of the capital that remain unsold will reach a record high this year, according to a report by Molior London seen by Bloomberg News.
The Barratt portfolio sale includes homes in the Aldgate, Nine Elms, Fulham and Hendon districts, Estates Gazette reported in March. Nine Elms, where developers plan to construct 20,000 homes, accounts for more than one third of the total.