Kier Property and Housing Growth Partnership announce a joint venture partnership to develop residential sites across the UK. The five-year deal, worth £80m on a 50:50 joint basis, will focus on residential developments – both Build to Rent and for sale – in urban brownfield sites, initially across the South East of England.
Housing Growth Partnership is a social impact investor backed by Lloyds Banking Group and Homes England, focused on providing support to the regional residential development and housebuilding community to help tackle housing challenges in communities across the UK.
“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.”Leigh Thomas, Managing Director, Kier Property
The joint venture’s objective is to regenerate urban brownfield sites, delivering new homes connected to the needs of local towns and communities. The partnership will acquire sites with or without full planning permission and targets building 2,000 homes for Build to Rent and for sale by 2027.
The joint venture is also a strategic step-change for both companies, fulfilling Kier Property’s ambition to grow in the mixed-use regeneration space, and for Housing Growth Partnership, it will broaden its approach through larger transactions and strategic partnerships.
“The partnership with Kier represents the next step in the expansion of Housing Growth Partnership, 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.”Vic Hepburn, CEO, Housing Growth Partnership
Kier Property’s purpose is to sustainably deliver infrastructure services, construction and property developments with a commitment to delivering for communities, leaving lasting legacies through their work.