The Berkeley Group today announced plans to set up three development and investment property vehicles alongside joint venture partner Saad Investments.
Berkeley has agreed to invest £175m to set up the JV companies in a bid to unlock value from undeveloped land. The first company will operate as a land fund and will acquire land in the hope of increasing its value via securing enhanced planning consents.
The second venture will operate as a development company, primarily developing the land purchased by the land fund after planning permission has been obtained. The third company will operate as a property investment company which will hold and eventually sell the products of its two sister vehicles.
Tony Pidgley, group managing director of Berkeley, said: ‘…..These new joint ventures will continue to put Berkeley at the forefront of the renaissance of our cities and in a position to take forward additional opportunities which would be outside our usual acquisition criteria.’
Christopher Hart, general manager of Saad Financial Services, added: ‘Saad has been an investor in Berkeley for two decades, and we have a high regard for the ability of its management to find land and develop it successfully, both for the benefit of its investors and the communities it regenerates.’
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