The portfolio would be managed by Leaf Living, a leading provider of private rented sector housing which is backed by funds managed by Blackstone and Regis.
The portfolio, which is concentrated in the South-east of England and is largely plots from Vistry's former Housebuilding landbank, consists of around 1,750 homes across 36 Vistry developments. The homes would be pre-sold in-line with Vistry’s Partnerships strategy of pre-selling around 65% of all homes across the business and will help the Group drive towards its medium-term financial targets. The first completions under the agreement are expected by the end of June 2024, with the majority of homes expected to complete within the next two years.
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Commenting on the agreement, Greg Fitzgerald, chief executive at Vistry Group said: "By working in partnership with organisations like Leaf Living we can maximise the number of high-quality homes we deliver every year. This agreement supports our differentiated business model, with the certainty provided by the pre-selling of homes enabling us to accelerate our build programmes, guarantee work for our supply chain, reduce sales and build costs and create vibrant new communities. This year we are on track to deliver more than a 10% increase in new home completions, playing a key part in helping to address the UK’s acute housing shortage."
