UK property company Telereal Trillium has completed the acquisition of Lands Improvement Group from US asset manager Blackrock for a price believed to be around £120 mln (€163 mln).

UK property company Telereal Trillium has completed the acquisition of Lands Improvement Group from US asset manager Blackrock for a price believed to be around £120 mln (€163 mln).

Lands Improvement is one of the oldest land investment companies in the UK, tracing its origins back to 1853. It specialises in the acquisition, planning promotion and delivery of strategic infrastructure for residential-led development land, and manages 26 sites across the UK, with 2,500 acres and an estimated pipeline of 13,000 homes.

The company was acquired by Blackrock Europe Property Fund III in December 2009.

Under Blackrock’s ownership, Lands Improvement has developed its strategy from focusing on the promotion and delivery of long-term land sites to include sites where planning permission can be expected in the medium term.

'Lands Improvement has undergone significant change in the last six years and has a strong track record in sourcing and executing land transactions. We have realised a good return for our investors and are confident that the business’ healthy pipeline of deals will allow it to thrive further in the future,' commented Chris McCormack, director at Blackrock Real Estate.

Graham Edwards, CEO of Telereal Trillium, added: 'At a time when there is a chronic housing shortage within the UK, we are delighted to be acquiring one of the major players in addressing the housing shortfall. Lands Improvement is a highly successful business.'

Blackrock was advised by Rothschild.