Blow for Berkeley as Saad reduces stake

Saad Group, the Saudi Arabian investment company, has sold half its stake in Berkeley, sending shares in the UK housebuilder plunging to their lowest level since last autumn.

Saad was seen as a long-term core investor and partner for Berkeley, and formerly held just under 38m shares, equivalent to 29 per cent of the total equity.

Shares in Berkeley closed at 782p, a drop of 43p, having fallen as low as 725p in early trading.

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• Berkeley shares fall sharply as Saudi investor offloads large stake (telegraph.co.uk)