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.