Development assets worth £446m will be transferred to the HCA

Stakes held by England’s nine Regional Development Agencies in construction joint ventures are likely to be part of a half a billion pound transfer of development sites to the Homes and Communities Agency.

Building understands that the development assets, worth £446m according to the RDAs’ 2010 accounts, will be combined with stakes in joint ventures, including Blueprint, the East Midlands Development Agency’s property joint venture with the Igloo Regeneration Fund.

The deal, which will mean most of the RDA assets are transferred to the HCA, requires final sign off by ministers and the HCA board. The proposal will also see an as yet undetermined number of staff move over to the HCA.

A source close to the process said: “Income bearing joint ventures should be part of the package to balance the costs that some of the land holdings incur.

Other JVs that are set to be included are the Ashtenne JV with the Northwest Development Agency and the Buildings for Business JV between UK Land and One North East.