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Sat July 13 2024

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Vistry strikes £580m deal for 1,750 homes

4 Jun House-builder Vistry has agreed terms with Blackstone Real Estate and Regis Group for the sale of a portfolio of new homes with a gross development value of £580m.

The portfolio, mainly in the southeast of England, consists of approximately 1,750 homes across 36 of Vistry’s live developments. 

The portfolio will be managed by Leaf Living, a provider of private rented sector housing that is backed by funds managed by Blackstone and Regis.

The homes are being pre-sold in line with Vistry's Partnerships strategy of selling two-thirds of its properties before construction.  The first completions under the agreement are expected by the end of June 2024, with the majority of homes expected to complete within the next two years.

Vistry chief executive Greg Fitzgerald said: “By working in partnership with organisations like Leaf Living we can maximise the number of high-quality homes we deliver every year. This agreement supports our differentiated business model, with the certainty provided by the pre-selling of homes enabling us to accelerate our build programmes, guarantee work for our supply chain, reduce sales and build costs and create vibrant new communities. This year we are on track to deliver more than a 10% increase in new home completions, playing a key part in helping to address the UK's acute housing shortage."

James Seppala, head of European real estate at Blackstone, said: "Institutional private capital can play an important role in providing high quality housing stock across the UK, particularly in the private rented sector which is significantly undersupplied today. Partnerships such as these can meaningfully accelerate the delivery of new homes and help alleviate structural undersupply across the sector."

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