UK’s Springfield Properties purchases Walker Holdings in $40.5 mln deal

UK housebuilder Springfield Properties has purchased peer Walker Holdings (Scotland) in a 31 million pounds ($40.5 million) cash transaction.

Springfield also bought $54.1 million of cash held by Walker Holdings, whose developments generally comprise between 50 and 200 homes.

The deal is consistent with Springfield’s stated strategy of extending its land bank and sales presence. Following the purchase, Springfield will be operating on 43 sites.

The addition of the Walker land bank provides greater visibility over Springfield’s projections for the next three financial years and the purchase is anticipated to enhance earnings from the current financial year.