Housebuilder seals deal with Lend Lease as it refocuses on the South-east.

Berkeley Group has finalised the deal to sell the Crosby Group to Lend Lease for £235.7m. Lend Lease expects the transaction – which includes repaying £15m to Berkeley in respect of working capital provided to Crosby since 30 April this year – to be completed by the beginning of next month.

Berkeley Group Managing Director Tony Pidgley said that the deal would allow Berkeley to focus on its core market in London and the South-east, and gives it greater financial flexibility.

He said: “It is down to Geoff Hutchinson and his management team to take Crosby forward with Lend Lease and I wish him and Crosby every success in the future."

As part of the agreement Berkeley will limit the number of developments it takes on in Manchester, Birmingham and Leeds.