Grosvenor has joined forces with UK regeneration company Urban Splash to acquire £10m (€11.3m) worth of development land.

The two firms said the partnership, which will buy assets and work up schemes following the purchase, expects to announce new acquisitions in the coming months.

The new venture marks an expansion of Grosvenor’s UK regional presence which includes the 42-acre Liverpool ONE destination and a growing regional office portfolio. Grosvenor also recently launched a £120m residential debt strategy, led by the investment team in its UK property business.

Rachel Dickie, an executive director of investment at Grosvenor’s UK property business, said: “With a significant need for new homes across the country and a softening in traditional debt markets, we see opportunities to use our experience of residential development to support the delivery of new homes by matching our capital to experienced delivery partners.

“Urban Splash has a track record of bringing forward some of the UK’s most innovative regeneration schemes and we are delighted to be able to support them to continue to expand.”

Urban Splash director Nathan Cornish said the partnership will allow Urban Splash to acquire more development sites so it can add to its pipeline that currently stands at 5,000 homes and 500,000sqft of commercial space.

Cornish added: “We believe in the power of partnerships and to add Grosvenor to the list is a big moment for us and a further endorsement of the Urban Splash brand and our ability to source and deliver exciting new opportunities.”

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