Galliford Try has bought out the 50% interest held by Bank of Scotland in four residential joint ventures in the London area, taking Galliford Try's ownership to 100%.
The joint ventures are Sentient Ventures, Linden London, Linden Homes Eastern Newhall and Linden St Albans. They are developing residential sites in Colchester, Harlow, Hammersmith and St Albans.
They developments have an estimated future value of £154m, comprising 742 plots, with the present value of work in progress on site of £15 million.
The transaction boosts Galliford Try’s landbank, in line with the company's strategy for expanding its housebuilding business following its rights issue in October 2009.
The consideration, which will be settled in cash from Galliford Try's existing resources, totals a nominal £4. The development loans provided to the joint ventures by Bank of Scotland will be settled by a cash payment of £42.5m.
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