Inland Homes is to acquire its joint venture partner’s 50% stake in the £620m Cheshunt Lakeside regeneration scheme in Hertfordshire.
The group will acquire the interest in the development for £29.9m, £10m of which has already been paid.
Inland Homes is finalising a facility to fund part of the balance of the consideration with the remainder coming from the group’s resources.
The acquisition is due to be completed by 30 September 2019.
Inland Homes won consent for Cheshunt Lakeside in June this year.
The masterplan includes 1,725 homes, 204,514 sq ft of commercial space, and a new primary school.
Stephen Wicks, chief executive of Inland Homes, said: “The acquisition of our joint venture partner at Cheshunt provides us the opportunity to extract significant land and development profits from this magnificent site.”
The housebuilder has also announced it has completed the sale of 60 plots in Bedfordshire to Linden Homes and obtained a resolution to grant planning consent for 78 plots on a site in Cressing, Essex.
A further two sites in Buckinghamshire totalling 15.5 acres have been allocated for 153 units. Two other sites in Berkshire and Buckinghamshire, together totalling 18 acres, have recently received draft allocations for approximately 200 homes.
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