Adam Lawrence has been given £100m to set up London-based company
An ex-Barratt boss has been given a £100m private equity fund to set up a new London housebuilder.
Adam Lawrence, former regional chairman of Barratt London & Thames gateway, is launching a new residential developer called London Square. Private equity firm Graphite Capital, which has previously backed firms such as Wagamama and Maplin, has stumped up £100m as a war-chest.
Lawrence said: “We are launching from an unrivalled position of strength in comparison to the majority of our peers. We are extremely well capitalised and are well positioned to take advantage as conditions improve in the housing market.
“The London and south east housing markets are showing signs of recovery, and there remains a strong pipeline of new opportunities, including distressed land sales from financial and government institutions.”
A statement from the firm said that the company is planning on building 600 new homes every year within five years. Its focus will be on locations within the M25 and homes will range in value from £200,000 to £1.5m.
Mike Innes, partner at Graphite Capital, added: “Adam has an exceptional track record of successful and profitable residential development in London. This is a good opportunity to back an excellent team at a favourable point in the cycle.”