9th Sep 2024 08:49
(Alliance News) - Barratt Developments PLC on Monday said it has entered into a joint venture with lender Lloyds Banking Group PLC and the UK government's housing and regeneration agency Homes England.
The JV will be the master developer for "multiple large scale, residential-led developments," Leicestershire-based housebuilder Barratt said.
The JV will create the Made Partnership, which will focus on the master development of large sites.
The company said potential developments will include large brownfield developments and new garden village style communities.
The developments will include 1,000 to more than 10,000 homes, alongside "a variety of community facilities and employment uses".
"This is a long-term partnership, initially backed by combined equity funding of up to GBP150 million provided equally by the partners. The partnership brings together the essential skills, expertise and long-term approach, with the ability to unlock and scale the capital required to bring larger sites into production, enabling both major and small & medium-sized enterprises homebuilders to build the new homes and communities the country needs," Barratt said.
UK Housing & Planning Minister Matthew Pennycook added: "The landmark new partnership announced today will support our commitment to ramp up housing supply and boost economic growth by developing more large-scale, attractive and sustainable places across the country with the homes, jobs and infrastructure that communities need to thrive."
Barratt shares were up 1.3% to 498.90 pence each on Monday morning in London, while Lloyds shares were up 1.1% at 57.06p.
By Tom Budszus, Alliance News slot editor
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