MJ Gleeson plc is set to sell 288 homes across multiple developments to global investment firm Carlyle and Gatehouse Investment Management, a single-family housing investment manager.
Consideration for the sale totals £50.4m payable in cash upon completion of each home, save for a small retention. The proceeds will be reinvested into the business for working capital purposes.
The transaction strengthens Gleeson Homes’ forward order book and allows the business to expedite the opening of new sites.
Graham Prothero, Chief Executive Officer, 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.”
