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Barratt Showing Confidence In UK Housing?

REAL ESTATE

Barratt (BDEV LN) is buying Redrow (RDW LN) in GBP2.5bn all-paper deal. Equity moves reflective of usual value transfer to target; neither side has any traded debt but more indicative of the broader weakness in UK housing market, triggering defensive deals.


  • RDW’s undisturbed equity price is around a quarter lower than its pre-COVID trading, (BDEV slightly weaker still) which reflects the effects of both economic slowdown and the rate cycle on underlying activity levels.
  • The positive here is that at least BDEV’s management is willing to take the short-term equity hit to increase its exposure to UK housing, which would be a positive for the major lenders (Lloyds, NatWest, Barclays) alongside the halo economic effects.
Credit BulletsHomepagemarkets-real-timeCreditBank Of England (BOE) Market NewsBulletUK

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