Vistry has struck a deal to build around 1,750 homes for the private rented sector.
The homes with a development value of £580m will be owned by Blackstone Real Estate and Regis, while being managed by Leaf Living.
The portfolio, concentrated in the south east, will come from building out plots in Vistry’s former house building landbank across 36 development sites.
The homes would be pre-sold in-line with Vistry’s Partnerships strategy of pre-selling around 65% of all homes across the business and helps Vistry drive towards its medium-term financial targets.
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.
Greg Fitzgerald, chief executive at Vistry 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.”
