October 26, 2017 / 1:51 PM / in a year

Barratt, Segro pull out of $8 bln London development project

Oct 26 (Reuters) - British housebuilder Barratt and commercial property group Segro have pulled out of a 6 billion pound ($8 billion) development deal that was expected to produce 10,000 houses due to disagreement over terms with the local authority.

Enfield Council in north London said it had informed Barratt its proposed bid terms for the Meridian Water development project were “unacceptable”, adding talks with the builder had been terminated after it formally withdrew its interest.

“We were simply not prepared to sign up to what we considered to be a poor deal for the residents and businesses of Enfield,” a council spokesperson said in an emailed statement on Thursday.

The project covers a 210 acre site located in the south of the London Borough of Enfield between Edmonton, Tottenham and Walthamstow and also includes supporting infrastructure, a railway station and retail space.

“Barratt London has a long and successful history developing large regeneration projects in the capital but unfortunately we have been unable to agree terms on this particular scheme, we wish the council well taking the project forward,” a spokesman said in an email.

Segro did not immediately comment on the matter.

$1 = 0.7575 pounds Reporting by Esha Vaish in Bengaluru; Editing by Mark Potter

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