Kier Property and Housing Growth Partnership (HGP) have formed a joint venture partnership to develop residential sites across the UK.
Under this £80m, five-year deal on a 50:50 joint basis, the two entities will focus on residential developments in urban brownfield sites. To begin with, they will focus on the South East of England.
A part of Lloyds Banking Group, HGP is claimed to be a social impact investor supporting the regional residential development and housebuilding community to help deal with housing challenges in communities across the country.
The aim of the joint venture is to regenerate urban brownfield sites and provide new homes.
The partnership will buy sites with or without full planning permission.
It aims to develop 2,000 homes for sale and rental by 2027.
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By GlobalDataKier Property managing director Leigh Thomas said: “This partnership sits well with our five-year business plan to expand our offering in the mixed-use regeneration area. It will significantly augment our residential regeneration strategy and we have identified a number of sites that we plan to deliver through the partnership, where we can add value through the planning process.”
HGP CEO Vic Hepburn said: “The partnership with Kier represents the next step in the expansion of HGP, so we can play as full a role as possible in supporting the UK’s diverse and evolving housing need as part of our commitment to help Britain prosper. This partnership will see significant capital deployed to develop 2,000 additional homes on urban brownfield sites for rent and sale in areas with a shortage of supply.”
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Image: The partnership aims to develop 2,000 homes for sale and rental by 2027. Credit: Kier Group PLC
