The two groups will join together to develop large-scale residential and mixed-use development schemes across the UK, trading as St Edwards Homes.

A joint venture has been announced between the Berkeley Group Holdings, and the Prudential Assurance Company.

The two groups will join together to develop large-scale residential and mixed-use development schemes across the UK and will trade as St Edwards Homes.

The new business’ first task will be to develop three residential schemes of more than 2500 homes in the South-east.

Berkeley and Prudential will both become shareholders in St Edwards Homes Limited holding a 50% stake each. Funding of about £48m will be provided through shareholders investments.

Tony Pidgley, group managing director of Berkeley, said: “We are delighted to be forming this new joint venture, which from the outset will be driven by a remarkably powerful combination of complementary skills. This is a unique opportunity and I relish this chance to be in a joint venture with one of the most respected and admired companies in the UK.”