Homes England has announced a £250 million master developer joint venture with US fund Oaktree Capital Management and Greycoat Real Estate. The partnership will look  to acquire and accelerate large and complex development sites across England, each with the potential to deliver over 1,000 homes.

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The initiative seeks to unlock substantial housing projects by focusing on investment in infrastructure and masterplanning, with the intention to create ready-to-develop plots for a range of housebuilders.

According to the partners, the approach prioritises placemaking and aims to foster high-quality environments tailored to the needs of local communities.

Peter Denton, the soon to depart chief executive of Homes England, said: “Bringing forward more large-scale developments is key to delivering the homes the country needs – and this requires ambitious master developers with clear visions and long-term commitment.

“Joining Oaktree’s capital with Greycoat’s development experience, this partnership has the funding, ambition and expertise needed. It will help to unlock thousands of homes, offering ready-to-build sites to housebuilders, whilst ensuring a cohesive approach, creating brilliant places that people want to live in.”

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The venture aims to combine institutional capital from Oaktree Capital with Greycoat Real Estate’s expertise in land development, supported by Homes England’s resources.

Potential sites are currently being identified, with the first project anticipated to be announced in spring 2025.

Jon Kenny, Director at Greycoat Real Estate, commented: “Our mandate is to speed up the delivery of new homes by removing the barriers that slow housebuilders down.

“The bringing together of Oaktree’s institutional capital and Greycoat’s land development expertise made possible through Homes England’s support creates a powerful trinity of capability to unlock the complex challenges that stand in the way of delivering the large schemes necessary to deliver the Government’s housing ambitions.”