(Reuters) – British investor Steve Morgan’s Bridgemere Group disclosed a nearly 5% stake in Barratt Redrow, a filing showed on Friday, making it the third-biggest shareholder in Britain’s largest homebuilder.
Morgan, the founder and former chairman of Redrow, through Bridgemere group had held a substantial stake in Redrow until it was taken over by Barratt last year for 2.52 billion pounds ($3.09 billion).
British homebuilders, which saw muted demand for most of 2024, now face worries that interest rates may not decrease as much as previously anticipated, pressuring the sector’s shares.
Barratt Redrow shares, which lost more than 20% of their value last year, are down about 9% so far this year.
Its largest investor is Fidelity Management & Research Company with a 6.36% stake and Blackrock’s UK investment arm is placed second with a nearly 6% stake, according to LSEG data.
($1 = 0.8157 pounds)
(Reporting by Yamini Kalia and Yadarisa Shabong in Bengaluru; Editing by Anil D’Silva)
