UK affordable homes provider Vistry Group is selling 1,750 new homes to Blackstone鈥檚 real estate arm and Regis Group.
Vistry said the pre-sold portfolio, which will cost 拢580m (鈧�680.7m) to develop, is concentrated in South East England.
Construction of the first homes is expected to be finished by June 2024, with most of the homes completed within two years.
James Seppala, the head of European Real Estate at Blackstone, said: 鈥滻nstitutional 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.
鈥淧artnerships such as these can meaningfully accelerate the delivery of new homes and help alleviate structural undersupply across the sector.鈥�
The portfolio would be managed by Leaf Living, a provider of private rented sector housing which is backed by funds managed by Blackstone and Regis.
Vistry said the deal aligns with its strategy of pre鈥恠elling around 65% of all homes across the business and will help the group drive towards its medium鈥恡erm financial targets.
Greg Fitzgerald, Vistry鈥檚 CEO said: 鈥淏y working in partnership with organisations like Leaf Living we can maximise the number of high鈥恞uality homes we deliver every year.
鈥淭his agreement supports our differentiated business model, with the certainty provided by the pre鈥恠elling 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.
鈥淭his 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鈥檚 acute housing shortage.鈥�
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