Palmer Capital and Schroder Real Estate’s Residential Land Partnership has bought two sites in Crawley, West Sussex, and Newport Pagnell, Buckinghamshire, totalling 25 acres.
The partnership has now deployed 60% of its capital across four investments for £24.3m, with further closes expected in the future. The fund will be capped at £125m.
The five-acre Newport Pagnell site was bought from Motorway Services Limited and forms part of the Northern Expansion Area in the Milton Keynes Local Plan.
The 20-acre Crawley site forms part of Forge Wood, a new neighbourhood in the area.
The joint venture hopes to attain planning for both sites before selling on to developers.
Palmer bought the sites through affiliate Danescroft Land.
Graeme Rutter, head of Schroder Real Estate Capital Partners, said: “We continue to demonstrate the ability to access attractive opportunities which meet our clients’ target returns from the Residential Land Partnership.
“With further interest from new investors, we hope to help alleviate the UK’s acute housing shortage through our unique strategy.”
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