Tony Pidgley’s Berkeley Group is to form a £500m joint venture with Saudi Arabia-based Saad Investments, its biggest investor. Sunday Times
Saad, which is wholly owned by billionaire Maan Al-Sanea, owns 29.2% of the housebuilder.
The joint venture is to focus on building up a long-term land bank of sites that could be developed over the next decade. It will initially spend up to £500m, including borrowings.