Peabody Trust is looking for £108m in private funding for two London developments.
Finance director Catriona Simons said Peabody would issue funding prospectuses for the schemes in the next three weeks.

One of the schemes, an urban village in Ladbroke Grove, west London, uses solar power cells to generate 10% of the scheme's power needs.

The scheme has homes for sale, affordable rent and shared ownership, plus commercial space.

It will be completed in 2008.

Private funds for the market sale element of the £70m development will be raised through a special purpose vehicle, Ladbroke Developments.

A second development at the Kings Crescent estate, east London, is a £120m joint venture with specialist developer Unitary and Ujima. Peabody will refurbish 210 homes and build 670 for affordable rent, shared ownership and market sale.

The transfer of the estate from Islington council is the first to be funded without government subsidy. Peabody development director Dickon Robinson said: "Some other RSLs may do [this] by putting the sales risk on the developer, but we do it on a joint venture basis so we can share in the upside. It gives us greater control."

Source

Housing Today