4
June 2024
Vistry Group
PLC
Vistry Group PLC, Blackstone Real Estate and Regis Group plc
agree terms for the delivery of c. 1,750 new homes for c.
£580m
Vistry Group ("Vistry") is pleased
to announce that it has agreed terms with Blackstone Real Estate
("Blackstone") and Regis Group PLC ("Regis") for the acquisition of
a portfolio of new build homes totalling a gross development value
of c. £580m. The portfolio would be managed by Leaf Living, a
leading provider of private rented sector housing which is backed
by funds managed by Blackstone and Regis.
The portfolio, which is concentrated
in the South-east of England and is largely plots from Vistry's
former Housebuilding landbank, consists of c. 1,750 homes across 36
Vistry developments. The homes would be pre-sold in-line with
Vistry's Partnerships strategy of pre-selling c. 65% of all homes
across the business and will help the Group 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.
Commenting on the agreement, Greg Fitzgerald, Chief Executive
at Vistry Group 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."
Commenting on the agreement, 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."
ENDS
For further information please
contact:
|
Vistry Group PLC
Tim Lawlor, Chief Financial
Officer
Susie Bell, Group Investor Relations
Director
FTI
Consulting
Richard Mountain / Susanne
Yule
|
07469 287335
020 3727 1340
|
About Vistry Group
Vistry Group is the UK's leading
provider of affordable mixed tenure homes. Our purpose as a
responsible developer is to work in partnership to deliver
sustainable homes, communities, and social value, leaving a lasting
legacy of places people love. We are a young and dynamic
business with a Partnerships-led approach, delivered under our
Countryside Partnerships brand, and an exciting timber-frame
manufacturing operation called Vistry Works, running three
factories and supporting our drive towards net zero
carbon.
Delivering thousands of homes every
year for the affordable and private marketplaces, Vistry Group also
has an unmatched portfolio of retail brands, each with a rich
history and strong reputation: Linden Homes, Bovis Homes, and
Countryside Homes.
We are a multi award-winning
housebuilder and the Group has again been awarded the 5 Star Rating
by the Home Builders Federation following the latest industry's
Customer Satisfaction Survey. For more
information go to www.vistrygroup.co.uk