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Sat May 21 2022

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Crest Nicholson strikes £120m PRS deal

19 Jan House-builder Crest Nicholson has sold three of its ongoing developments to private equity investors in the private rented sector.

Crest Nicholson's Centenary Quay in Southampton
Crest Nicholson's Centenary Quay in Southampton

Funds managed Oaktree Capital Management and CompassRock International have paid £120m for 403 units across three key developments in southern England.

The developments are at: Brightwells Yard, Farnham; The Tower at Centenary Quay, Southampton; and Walton Court Gardens, Walton-on-Thames. The properties are due to be completed over the next two years, with first completions at Farnham in early 2022 and the last completions at Walton in the summer of 2023.

Kieran Daya, managing director of Crest Nicholson Partnerships & Strategic Land (CNPSL), said: “This strategic partnership is yet another example of the growing contribution CNPSL is making within Crest Nicholson and typifies how the group works with its partners to deliver homes and establish communities.”

CompassRock International chief executive David Woodward said: “Working closely with Oaktree and Crest Nicholson has proven to be an excellent match between capital source and delivery partner.”

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