Land Securities and Places for People have announced the formation of a 50-50 joint venture to acquire some 971 hectares (2,400 acres) in the UK. The land, which is to the north of Harlow, will be developed to help meet housing and employment needs over the next 25 years.
Land Securities and Places for People have announced the formation of a 50-50 joint venture to acquire some 971 hectares (2,400 acres) in the UK. The land, which is to the north of Harlow, will be developed to help meet housing and employment needs over the next 25 years.
The majority of the 971 hectares will be purchased from Ropemaker Properties for an undisclosed sum. The deal is subject to the site's inclusion in the final East of England Plan, which is expected to be released later this summer.
Mike Hussey, managing director London at Land Securities, said: 'This opportunity stems from the strategic importance and the long-term prospects for London and the southeast over the next 20 - 25 years. The joint venture allows us to work with Places for People, experts in the delivery and management of housing, to develop an important site recognised by government as an area for potential population growth.'
David Cowans, group chief executive at Places for People commented: 'As one of the UK's largest housing, regeneration and property management groups, Places for People offers a complete range of housing tenures, along with social economic facilities such as schools, jobs and quality green space. We look forward to combining our skills with Land Securities' experience in large-scale development to deliver sustainable communities in the area north of Harlow.'
