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Housebuilder Berkeley to return £1bn to investors over two years

The company, which operates primarily in London, Birmingham and the South of England, said about 500 million pounds ($652.80 million) will be returned to shareholders in March 2020 and a further 500 million pounds a year later.

Article originally published by Reuters. Hargreaves Lansdown is not responsible for its content or accuracy and may not share the author's views. News and research are not personal recommendations to deal. All investments can fall in value so you could get back less than you invest.

British housebuilder Berkeley Group said on Wednesday it plans to return 1 billion pounds to shareholders over the next two years, an increase of about 455 million pounds, while ramping up its annual housing delivery by as much as 50% over the next six years.

The company, which operates primarily in London, Birmingham and the South of England, said about 500 million pounds ($652.80 million) will be returned to shareholders in March 2020 and a further 500 million pounds a year later.

The company, which undertakes major brownfield regeneration at scale in London and the South East, said it has bought a number of long-term regeneration sites since the end of the financial crisis, a number of which are now in, or coming into, production.

Berkeley is in the process of bringing forward 25 large residential-led developments, and has begun construction on 20 new sites over the last 18 months.

These sites typically deliver between 1,000 and 5,000 homes and their development can take up to 30 years to complete.

Berkeley Group Holdings plc

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"Since 2016 ... Berkeley has been mindful of the volatile operating environment and has been cautious in its investment," the company said.

"In light of the progress made in bringing forward its new sites, and its assessment of the prevailing operating environment ... Berkeley has reviewed its net cash position and future requirements."

The company in December reported a slump in first-half pretax profit, as it sold homes at lower prices in a Brexit hit real-estate market.

($1 = 0.7659 pounds) (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Shailesh Kuber)


Copyright (2020) Thomson Reuters. This article was from Reuters and was legally licensed through the NewsCred publisher network. Please direct all licensing questions to legal@newscred.com.

Article originally published by Reuters. Hargreaves Lansdown is not responsible for its content or accuracy and may not share the author's views. News and research are not personal recommendations to deal. All investments can fall in value so you could get back less than you invest.

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