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Homes England, Barratt and Lloyds launch ‘master developer’
Homes England, Barratt and Lloyds Banking Group have launched a joint venture to create a “master developer” with the aim of delivering thousands of homes.
MADE Partnership will act as master developer for multiple large-scale, residential-led developments of 1,000 to more than 10,000 homes.
Potential development opportunities will include large brownfield schemes, as well as new garden village-style communities.
The partnership, which is hoped to be long term, has been initially backed by combined equity funding of up to £150m provided equally by the partners.
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Housing and planning minister Matthew Pennycook said: “A failure to ensure the development system is working properly has held back the delivery of tens of thousands of new homes over recent years, and this government will work in partnership with all those who are focused on turning things around.
“The landmark new partnership announced today will support our commitment to ramp up housing supply and boost economic growth by developing more large-scale, attractive and sustainable places across the country with the homes, jobs and infrastructure that communities need to thrive.”
David Thomas, chief executive of Barratt Developments, said the developer is “committed to playing our part in delivering the millions of new homes the country needs” over the next ten to 20 years.
He added: “To help us achieve this goal, we need to deliver more large developments.”
Peter Denton, chief executive of Homes England, said the partnership will provide a “master developer platform with the ambition and capability crucial for creating not just the homes but the vibrant, diverse places England needs”.
“Whether it’s transforming a brownfield site, extending an existing town, or creating a whole new village, the partnership will have the finance, tools, expertise and partners required to ensure a cohesive approach to delivering a fabulous place that people want to live and work,” he said.
Charlie Nunn, chief executive of Lloyds Banking Group, said “This is the cross-sector collaboration we need, at significant ambition and scale.”
The new partnership comes after Barratt completed its merger with Redrow last month. The Competition and Markets Authority (CMA) continues to look into this merger.
Barratt and Redrow said the merger had “become effective” following the delivery of a court order approving the agreement to the registrar of companies.
The last day for the registration and transfer of Redrow shares was 21 August. Redrow’s listing on the London Stock Exchange was cancelled from 8am on 23 August.
The two companies must “continue to operate independently” until the CMA has accepted proposals to address concerns around competition or agreed the merger.
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