Business
Sale of portfolio of homes to Carlyle
Sale of portfolio of homes to Carlyle.
About this update from Mj Gleeson Plc
[{"type":"text","content":"\n\n\n \n30 June 2023\n \nMJ GLEESON PLC\n \nSale of portfolio of homes to Carlyle\n \nTransaction underscores recognition of the quality of Gleeson's product\n \nMJ Gleeson plc (\"Gleeson\" or the \"Company\") is pleased to announce that it has entered into a contract with global investment firm Carlyle (NASDAQ: CG) and Gatehouse Investment Management, a market leading single-family housing investment manager, for the sale of 288 homes across multiple developments, of which up to 66 homes are expected to be completed in the financial year ending 30 June 2023 (\"FY2023\") with the balance in FY2024.\n \nConsideration 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. This transaction strengthens Gleeson Homes' forward order book and allows the business to expedite the opening of new sites.\n \nThe Company will issue its next scheduled trading update, in respect of the year ending 30 June 2023, on 7 July 2023 and expects to confirm that it will deliver results for FY2023 in line with expectations.\n \nGraham Prothero, Chief Executive Officer, commented:\n \n\"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.\"\n \n \nEnquiries:\n \n\n\n\nMJ Gleeson plc\n\n\n \n\n\nTel: +44 1142 612900\n\n\n\n\nGraham Prothero\n\n\nChief Executive Officer\n\n\n\n\n\n\n\nStefan Allanson\n\n\nChief Financial Officer\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nHudson Sandler\n\n\n\n\n\nTel: +44 20 7796 4133\n\n\n\n\nMark Garraway\n\n\n\n\n\nTel: +44 7771 860 938\n\n\n\n\nCharlotte Cobb\n\n\n\n\n\nTel: +44 7795 422 131\n\n\n\n\n \n\n\n\n\n\n \n\n\n\n \nAbout MJ Gleeson:\n \nMJ Gleeson plc is the leading low-cost, affordable housebuilder listed on the London Stock Exchange. Gleeson Homes' customers are typically young, first-time buyers, with a median income of £26,000. Its two-bedroom homes start from around £115,000. Gleeson's vision is \"Building Homes. Changing Lives\", prioritising areas where people nee...