Vistry forms long-term investment joint venture with Homes England
Vistry Group PLC on Monday announced a long-term investment joint venture with Homes England, the UK government’s housing and regeneration agency.
The Kent, England-based housebuilder said the tie-up aims to ‘accelerate the development of large-scale residential sites across England’.
‘The joint venture, named Hestia, is backed by £150 million of capital investment by Homes England and Vistry and is designed to deliver high-quality, mixed-tenure communities at pace and scale,’ Vistry added.
‘Hestia will focus on the acquisition and development of strategic sites, each ranging from 400 to 3,000 homes, and will incorporate vital new infrastructure to support thriving communities. In addition, the joint venture will seek to sell parcels of land on our larger sites to small & medium enterprise developers, reflecting both organisations’ commitment to supporting the wider housing sector and enabling greater market participation.’
Vistry Chief Executive Officer Greg Fitzgerald said: ‘As one of the country’s largest providers of affordable homes, we are closely aligned with Homes England and share their ambitions for further affordable housing delivery. Hestia represents a bold and collaborative step forward in unlocking the potential of large-scale sites and accelerating the creation of thriving, mixed-tenure communities across England.’
Matthew Pennycook, Housing & Planning Minister, said: ‘Rapidly growing the pipeline of large mixed tenure sites across the country, making more use of modern methods of construction, and backing SME housebuilders are all essential to achieving our Plan for Change target of building 1.5 million homes in this Parliament.’
Vistry shares rose 2.6% to 638.80 pence each on Monday morning in London.
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