Contractor takes back 50% share of five housebuilders with development value of £154m
Galliford Try has bought Bank of Scotland’s stake in its joint ventures for £42.5m.
Sentient Ventures, Linden London, Linden Homes Eastern, Newhall and Linden St Albands, will now be solely owned by Galliford Try after it acquired Bank of Scotland’s 50% stake in them.
The joint ventures are developing 742 plots on residential sites in Colchester, Harlow, Hammersmith and St Albans, with a total gross future development value estimated at £154m.
The development loans provided to the joint ventures by Bank of Scotland will be settled by a cash payment of £42.5m, financed from Galliford Try’s existing facilities.
Greg Fitzgerald, chief executive of Galliford Try, said: “This acquisition helps to drive our housebuilding expansion plans forward strongly and, with the acquisitions of Rosemullion Homes and the assets of Wright Homes completed in 2009, demonstrates our ability to bring attractive opportunities to fruition.”
In December Galliford Try acquired 156 plots when it purchased Rosemullion homes.