Vistry sells 1,750 homes to Blackstone; UK retail sales rise slightly in May – business live | Business

British and European shares were in the red, while oil prices extended losses as investors expected more supply later in the year.

London’s FTSE 100 index fell 34 points, or 0.4 percent, while Germany’s Dax and France’s CAC lost about 0.3 percent and Italy’s FTSE MiB fell nearly 0.7 percent.

Derren Nathanhead of equity research at Hargreaves Lansdown, said:

Markets barely blinked from yesterday’s political turmoil and just a month before UK voters head to the polls, the FTSE 100 opened just a fraction below…

Rishi Sunak must face questions about the fortune he made in a hedge fund that engineered a deal at the heart of the financial crash, Labor has said, as it prepares to launch its first major attack on the prime minister before the election debates.

The party aims to shine a spotlight on Sunak’s time before politics in the days ahead of the first televised debate between the two leaders, after a week dominated by controversy over Diane Abbottthe application of On Sunday, she confirmed she would run as a Labor candidate.

Nathan added:

Brent crude fell … to below $78 a barrel after prices fell to a four-month low yesterday after OPEC+ countries revealed they would gradually lift output cuts after September. That, along with weaker economic data seen on both sides of the pond, may provide some comfort to those in rate-setting committees hoping for an earlier reduction in borrowing costs.

Meme stocks are back in the spotlight after a post by a social media influencer Roaring Kitten assumed to have occupied a considerable position in the GameStop. Shares rose as much as 75% on the day, but closed down just 21%. This highlights the extreme volatility and risk in trying to time these rallies that have no financial basis behind them.

Brent crude fell 1.1%, or 88 cents, to $77.48 a barrel, while U.S. light crude lost 1.5%, or $1.09, to $73.14 a barrel.

The Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, a group known as OPEC+, on Sunday agreed to extend most of their oil output cuts until 2025 – but left the possibility that voluntary cuts by eight members could be phased in canceled since October.

Airbus is negotiating a major sale of more than 100 A330neo wide-body jets to China, with talks gaining momentum after President Xi Jinping visited his French counterpart Emmanuel Macron last month, Bloomberg News reported.

Some of China’s biggest airlines are considering buying the upgraded A330 models. The terms are still being discussed and the timing is uncertain.

Good morning and welcome to our ongoing coverage of business, financial markets and the global economy.

Vistry Groupone of Britain’s biggest housebuilders, to sell a portfolio of 1,750 new-build homes to private equity firms Blackstone Real Estate and Regis Group in a £580m deal. The portfolio will be managed by the private rental housing company Leaf Livingwhich is backed by funds managed by Blackstone and Regis.

The portfolio, which is concentrated in the south east of England, consists of 1,750 homes in 36 Vistry developments. The first completions are expected by the end of June, with the majority of homes expected to be completed within the next two years.

Vistry is in the process of selling off properties from its housing division as the company moves to focus on its partnership business, which builds affordable housing for government and nonprofit partners.

Greg Fitzgeraldchief executive of Vistry, formerly known as Bovis Homes, said:

By working in partnership with organizations like Leaf Living, we can maximize the number of high quality homes we deliver each year. This agreement supports our differentiated business model, with the security provided by pre-selling homes allowing us to accelerate our construction programs, secure work for our supply chain, reduce sales and construction costs, and create vibrant new communities.

This year we are on track to achieve more than a 10% increase in new home completions, playing a key role in helping to address the UK’s acute housing shortage.

Blackstone invests in UK residential property and acquired 2,915 homes for £819m from Vistry in November. James Seppalahead of European real estate at the firm, said:

Institutional private capital can play an important role in providing high-quality housing stock in the UK, particularly in the private rented sector, which today is severely underserved. Partnerships such as these can significantly accelerate the delivery of new homes and help alleviate the structural undersupply in the sector.

UK retail sales rose modestly last month despite a strong bank holiday weekend for retailers.

Sales rose 0.7% year-on-year in May, compared with a 3.9% rise in May last year, according to the British Retail Consortium (BRC). Food sales growth slowed to 3.% year-on-year in the three months to May from 9.6% a year ago. Sales of non-food goods decreased by 2.4% compared to growth of 0.7% a year ago.

Helen DickinsonCEO of the BCHK, said:

Despite a strong holiday weekend for retailers, the minimal improvement in weather for most of May meant only a modest recovery in retail sales last month. Although non-food sales fell during the month, the long weekend saw increased purchases of DIY and garden equipment, as well as strong clothing sales. PC sales growth has reached its highest levels since the pandemic, with many consumers continuing to upgrade technology purchased during this period. Retailers remain optimistic that major events such as the Euros and the Olympics will boost consumer confidence this summer.

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