UK-listed real estate and investment company Development Securities and Blue (Sustainable Living) have formed a 50-50 joint venture to pursue sustainable residential and mixed-use development opportunities in the UK. The partnership was brokered by Savills Corporate Finance.
UK-listed real estate and investment company Development Securities and Blue (Sustainable Living) have formed a 50-50 joint venture to pursue sustainable residential and mixed-use development opportunities in the UK. The partnership was brokered by Savills Corporate Finance.
The joint venture’s first project, a sustainable and mixed-use neighbourhood of some 800 homes, is already in development. The company expects to submit a planning application later in 2008 that will establish new standards for authentic sustainable development locally, regionally and nationally.
Matthew Weiner, executive director of Development Securities, said: 'An important element of our strategy is to develop more sustainable residential and mixed-use projects in the UK and this new joint venture with Blue will help us to achieve our objective far more quickly and effectively. We are very excited that the first project is secured and look forward with Blue to extending our expertise in the sustainability arena.'
Jonathan Smales, founder and CEO of Blue, said, 'Sustainability objectives are now enshrined as the central purpose of the planning system. Working with Development Securities, we intend to profitably demonstrate that, when given the choice, people want to live in better places and homes that are truly fit for the future and in real communities that respect environmental limits and improve quality of life.'
