Investment firm Värde Partners and David Weekley Homes have formed a US land bank partnership, closing two deals totalling $100m (€93m) in project costs.
Värde, which specialises in credit and credit-related assets, and David Weekley have created the joint venture to land bank residential communities for David Weekley across the US.
The partnership said the land banking facility, provided by Värde, offers “significant capacity to acquire and develop residential lots in high-demand US markets”, such as Phoenix, Tampa, Atlanta, Orlando and Charlotte.
David Weekley Homes will manage the sourcing and land development.
Heather Humphrey, CFO at David Weekley Homes, said: “We are pleased to formalise this new relationship with Värde, which will support our company’s growth goals and align with our longstanding asset-lite strategy.
“The firm’s extensive experience investing in residential land development and reputation within the market made them a great partner for this venture. We are excited to have established this facility and look forward to an enduring partnership.”
Brendan Bosman, a senior managing director at Värde Partners, said: “Värde’s vast experience in US housing and land development positions us as a valuable partner and provider of capital to homebuilders.
“David Weekley Homes is a preferred home builder in several master-planned communities in which Värde invests and has a reputation for operating with integrity and delivering high-quality homes. We are excited to embark on this partnership with them.”
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