INTERVIEW: Berkeley To Open New Sites, Continue Buying Land

25th Jun 2010 08:17

By Anita Likus Of DOW JONES NEWSWIRES LONDON (Dow Jones)--U.K. home builder Berkeley Group PLC (BKG.LN) plans to open new outlets while continuing to buy land this year, Managing Director Rob Perrins told Dow Jones Newswires in an interview Friday. "We are opening seven to eight new outlets currently (to sell homes)," said Perrins adding "we plan to open 15 smaller sites this year, which will ensure growth." The sites have been bought recently and are in the south of England. But Perrins added he will also continue buying land, which is still available at 50% to 60% discount. "There is an interesting land market out there," he said adding that while prices are low in some areas "there is increased competition to buy land in Central London and land, which has planning permission." He said there are very few transactions, as vendors aren't willing to sell at current prices and banks are still not selling a lot. "We've bought one plot in a year from an Irish bank...they are not in a hurry to sell." But banks are slowly starting to market land and are looking for sales. "If they don't achieve the prices they want, they won't sell," Perrins said. -By Anita Likus, Dow Jones Newswires; +44 20 7842 9407; [email protected] (END) Dow Jones Newswires June 25, 2010 03:17 ET (07:17 GMT)