The debt-laden housebuilder Barratt Developments has hired Credit Suisse to look at ways of selling off 10,900 acres of its land portfolio to raise cash.
Well-placed City sources cautioned that the process was still at a very preliminary stage and no firm decision had been taken to sell the land. It is thought Barratt wants to gauge interest from potential buyers and see how much they would be prepared to pay before committing itself to disposing of the land.
Analysts believe that Barratt would want to raise between £100m and £200m to go ahead with a deal.
The portfolio represents all Barratt’s so-called 'strategic' land, which does not yet have planning permission to build new homes.
Sunday Times, Financial Times