4th Jun 2024 10:35
(Alliance News) - Vistry Group PLC on Tuesday said it was focused on maximising the number of "high-quality" homes it can deliver every year, as it announced a new deal with private equity investors.
The Kings Hill, Kent-based housebuilder said it agreed terms with Blackstone Real Estate and Regis Group PLC for the acquisition of a portfolio of new-build homes with a total gross development value of around GBP580 million.
The portfolio will be managed by Leaf Living, a provider of private rented sector housing, which is backed by funds managed by Blackstone and Regis. The portfolio, which is concentrated in the South-East of England, has around 1,750 homes across 36 Vistry developments.
Vistry Chief Executive Officer Greg Fitzgerald said: "By working in partnership with organisations like Leaf Living we can maximise the number of high-quality homes we deliver every year. This agreement supports our differentiated business model, with the certainty provided by the pre-selling of homes enabling us to accelerate our build programmes, guarantee work for our supply chain, reduce sales and build costs and create vibrant new communities."
Looking ahead, he said: "This year we are on track to deliver more than a 10% increase in new home completions, playing a key part in helping to address the UK's acute housing shortage."
The first completions under the new agreement will be by the end of this month, with the majority of home expected to be completed within the next two years.
Vistry shares were 1.1% lower at 1,294.03 pence each on Tuesday morning in London.
By Tom Budszus, Alliance News slot editor
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