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Vistry Group (formerly Bovis Homes), one of the UK’s largest housebuilders, has agreed to sell a portfolio of 1,750 new homes to private equity firms Blackstone Real Estate and Regis Group for £580 million.
The portfolio will be managed by private rental housing company Leaf Living, which is backed by funds managed by Blackstone and Regis.
The portfolio is concentrated in the South East of England and comprises 1,750 residential properties across 36 Vistry developments. The first completions are expected by the end of June with the majority of the homes due to be completed over the next two years.
Vistry is in the process of selling properties in its homebuilding division as it shifts focus to its partnerships business, building affordable housing for government and non-profit partners.
Greg Fitzgerald, chief executive of Vistry Group, said: “Partnering with organisations like Leaf Living allows us to maximise the number of high quality homes we deliver each year.”
“This agreement supports our differentiated business model, with the certainty provided by pre-selling homes, enabling us to accelerate our construction schedule, guarantee work in our supply chain, reduce sales and construction costs and create vibrant new communities.”
“This year we are on track to increase the number of new home completions by more than 10% and will play a key role in helping to solve the UK’s severe housing shortage.”
Vistry said in March it plans to build more homes this year due to surging demand for affordable housing.
Last month, the property developer raised its full-year homebuilding target by about 3 percent to more than 18,000 homes after rivals warned of weak market conditions this year.