Homes England, investment manager Oaktree Capital Management, and independent property partner Greycoat Real Estate have formed a £250 mln (€301 mln) joint venture to develop large housing sites across England.
The public-private partnership will target large or complex sites with the potential for over 1,000 homes each, focusing on creating high-quality communities.
The approach involves acquiring land, master planning, developing infrastructure, and subsequently offering prepared sites to housebuilders.
The partners are currently identifying sites and expect to announce their first project in the spring of 2025.
Jon Kenny, director general at Greycoat, said: ‘Our mandate is to speed up the delivery of new homes by removing the barriers that slow housebuilders down. The bringing together of Oaktree’s institutional capital and Greycoat’s land development expertise, made possible through Homes England’s support, creates a powerful trinity of capability to unlock the complex challenges that stand in the way of delivering the large schemes necessary to deliver the government’s housing ambitions.’
Peter Denton, CEO of Homes England, commented: ‘Bringing forward more large-scale developments is key to delivering the homes the country needs – and this requires ambitious master developers with clear visions and long-term commitment. Joining Oaktree’s capital with Greycoat’s development experience, this partnership has the funding, ambition, and expertise needed. It will help to unlock thousands of homes, offering ready-to-build sites to housebuilders, whilst ensuring a cohesive approach, creating brilliant places that people want to live in.’
Eversheds Sutherland advised Homes England, the UK government’s housing and regeneration agency, on the joint venture.
