UK housebuilder Weston Homes has set up a £500 mln (€571 mln) fund for the acquisition of sites and developments in London and the South East over the next five years.
The money has been raised through a combination of equity and debt/bank financing.
Weston Homes is eyeing brownfield or greenfield sites, with planning permissions or subject to planning, that are within 10-15 walk of a railway station or public transport facility, and that can deliver 100 to 1,000 units per site.
Among the potential locations are Bracknell, Barking, Watford, Hayes, Harlow, Reading, Stevenage, Borehamwood, Hitchin, Brentwood, Woking and Epping.
Weston Homes is also interested in Grade II listed or historically important country houses, corporate headquarters or Victorian or Edwardian era educational or medical buildings which could be converted into new residential or mixed use.
Bob Weston, chairman & managing director of Weston Homes, said: ‘Due to sales success and the sell out and completion of several major projects Weston Homes has allocated £500 mln for land buying and are seeking attractive land opportunities to grow our development pipeline yet further.’
The company’s existing £2.13 bn (€2.43 bln) portfolio consists of 20 residential and mixed-use developments, which will deliver over 7,500 new homes across London and the South East.
Weston Homes has a strong track record of converting historic buildings into new homes, including Royal Earlswood, Denham Film Studios and Cambridge Military Hospital.
