Sheffield-based affordable house builder MJ Gleeson plc said it entered into a contract with global investment firm Carlyle and Gatehouse Investment Management for the sale of 288 homes across multiple developments.

Gleeson said up to 66 of the homes are expected to be completed in the financial year ending June 30, 2023, with the balance in FY2024.

“Consideration for the sale totals £50.4m payable in cash upon completion of each home, save for a small retention,” said Gleeson.

“The proceeds will be reinvested into the business for working capital purposes.

“This transaction strengthens Gleeson Homes’ forward order book and allows the business to expedite the opening of new sites.

“The company will issue its next scheduled trading update, in respect of the year ending 30 June 2023, on 7 July 2023 and expects to confirm that it will deliver results for FY2023 in line with expectations.”

MJ Gleeson CEO Graham Prothero said: “This transaction represents a compelling opportunity in the context of the current uncertain market environment and we are delighted to be working with partners of the calibre of Carlyle and Gatehouse, who value the quality of our product and the communities which we create.”