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Barratt Developments Plc forms new JV with London and Quadrant


Wednesday, 18 Dec 2013 02:00am EST 

Barratt Developments Plc:Announces the formation of a new joint venture (JV) to act as the parent entity for the strategic alliance between Barratt and London and Quadrant (L&Q).Says this will provide a platform for the partners to continue to invest, in a disciplined way, in future opportunities in London.Says Barratt and L&Q first partnered in 2010 for the development of Altitude.Says the new JV parent entity is BDWZest Developments LLP (BDWZest).Says the three existing JV trading entities at Altitude, Queensland Terrace and Fulham Riverside have been transferred into BDWZest.Says there was nil consideration as Barratt and L&Q received an equal interest in BDWZest for their respective interests in the JV trading entities.Says Barratt's share of the gross asset value of the three existing JV entities as at June 30 was 119 million pounds.Says the development at Nine Elms will be held in BDWZest when the purchase from Sainsbury's becomes unconditional in early 2014.Says a new five year revolving credit facility of 120 million pounds has been arranged for BDWZest.Says this facility will initially repay a loan of about 21 million pounds from L&Q that was made to the Altitude development in 2011.Says it will then be available to the JV for land and build expenditure.Says the JV will continue to be primarily equity funded by Barratt and L&Q. 

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