21st Sep 2015 07:30
LONDON (Alliance News) - London-focused residential property developer Telford Homes PLC on Monday said it has acquired the regeneration arm of United House Developments for GBP23.0 million in cash.
Telford said the regeneration business consists of a group of companies with interests in four significant development projects in north and east London. This includes the City North project in Finsbury, the refurbishment of Balfron Tower in Poplar, two phases of the Gallion Quarter development near Royal Albert Dock and the regeneration of Chrisp Street Market, also in Poplar.
The developments are all in various stages of the planning process but Telford said they could add around GBP500.0 million to its existing GBP1.0 billion development pipeline.
"Telford Homes is one of the most respected developers in London and we are targeting significant growth over the next ten years. The acquisition of the regeneration business of United House Developments represents an excellent opportunity to make a substantial addition to our development pipeline including longer term strategic opportunities," said Jon Di-Stefano, Telford's chief executive.
Shares in Telford were up 3.1% to 412.50 pence early Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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