Berkeley Homes has today teamed up with Prudential Property Investment Managers in a 50:50 joint venture to deliver residential and mixed-use schemes
The venture, St Edward Homes, will start with three residential schemes in the south-east totalling 2,500 homes. Development could start as early as 2007.
Two of the schemes are conditional on the joint venture acquiring PruPIM’s land at Green Park in Reading and a building in Kensington, west London. Berkeley will also provide land and properties, although the housebuilder has not yet identified which ones.
Development will be funded from £48m of initial equity and bank debt from the joint venture, as well as profits generated from its schemes.
Berkeley has historically formed several joint ventures with partners such as Land Securities, Development Securities and Chelsfield.