Advertisement
UK markets close in 1 hour

  • FTSE 100

    8,030.58
    +6.71 (+0.08%)
     

  • FTSE 250

    19,740.12
    +140.73 (+0.72%)
     

  • AIM

    754.33
    +5.15 (+0.69%)
     

  • GBP/EUR

    1.1623
    +0.0034 (+0.29%)
     

  • GBP/USD

    1.2441
    +0.0090 (+0.73%)
     

  • Bitcoin GBP

    53,692.93
    +380.75 (+0.71%)
     

  • CMC Crypto 200

    1,438.34
    +23.58 (+1.67%)
     

  • S&P 500

    5,060.63
    +50.03 (+1.00%)
     

  • DOW

    38,389.01
    +149.03 (+0.39%)
     

  • CRUDE OIL

    82.17
    +0.27 (+0.33%)
     

  • GOLD FUTURES

    2,338.00
    -8.40 (-0.36%)
     

  • NIKKEI 225

    37,552.16
    +113.55 (+0.30%)
     

  • HANG SENG

    16,828.93
    +317.24 (+1.92%)
     

  • DAX

    18,073.91
    +213.11 (+1.19%)
     

  • CAC 40

    8,084.42
    +44.06 (+0.55%)
     
Money:

What is the true cost of the UK state pension?

To get a sense of the true value of the state pension, you can look at how much you would need to save to match it yourself

UK builder Countryside plans return to London stock market

Reuters - UK Focus

(Adds industry source on valuation, details, background)

By Esha Vaish

Jan 14 (Reuters) - British property developer Countryside Properties Plc plans to raise about 114 million pounds ($164 million) through an initial public offering, returning to the London stock market after more than a decade in private hands.

The IPO is likely to value Countryside at about 1 billion pounds, said an industry source, who asked not to be identified.

Brentwood, Essex-based Countryside, majority owned by private equity firm Oaktree Capital Management, said on Thursday it would use proceeds from the IPO to reduce debt and to accelerate development at several sites in Britain.

ADVERTISEMENT

The listing, expected in February, follows a strong year for UK housebuilders such as Taylor Wimpey Plc (LSE: TW.L - news) , Persimmon Plc (Other OTC: PSMMF - news) and Barratt Developments Plc (LSE: BDEV.L - news) , which have benefited from surging demand and a steady rise in house prices.

As well as building on its own land, Countryside works with local authorities to develop public sector land - a business that analysts say could give the company an edge over rivals as Britain sets aside more funds for regeneration projects.

The company said it would issue new shares, with the aim of raising about 64 million pounds to repay debt and 50 million pounds to speed up development of its sites in Acton, Beaulieu, Hazel End and Rayleigh.

A vehicle controlled by Oaktree and some management members and employees will also sell a portion of their stake.

Countryside said it expected a minimum free float of about 25 percent after the IPO. The company declined to estimate its valuation.

Countryside, founded by chartered surveyor Alan Cherry in 1958, was listed from 1972 to 2005. In 2013, several years after it had been taken private, Oaktree bought a controlling stake from Lloyds Banking Group (Other OTC: LLOBF - news) . ($1 = 0.6960 pounds) (Reporting by Esha Vaish and Noor Zainab Hussain in Bengaluru; Editing by Sunil Nair and Robin Paxton)