Bovis teams up with Riverside in £100m jv
Bovis Homes Group has formed a £102.6m joint venture with registered provider Riverside for the development of a new community at Stanton Cross in Northamptonshire.
The 50:50 partnership will deliver more than 3,600 new homes, alongside leisure, retail and office space, new schools, public parks and open spaces.
Bovis Homes Group has transferred gross assets totalling £102.6m relating to the development, including land and work in progress, into the jv. Consideration for these assets has been satisfied with equity of £33.1m from each of the partners, alongside an existing £36.4m Homes England loan.
Bovis Homes Group has formed a £102.6m joint venture with registered provider Riverside for the development of a new community at Stanton Cross in Northamptonshire.
The 50:50 partnership will deliver more than 3,600 new homes, alongside leisure, retail and office space, new schools, public parks and open spaces.
Bovis Homes Group has transferred gross assets totalling £102.6m relating to the development, including land and work in progress, into the jv. Consideration for these assets has been satisfied with equity of £33.1m from each of the partners, alongside an existing £36.4m Homes England loan.
Greg Fitzgerald, chief executive of Bovis Homes Group, said: “We announced the development of our Partnership Housing Division earlier this year, and this is a great example of our land-led strategy and working in partnership, in particular with housing associations, on our larger developments.”
See also: Bovis Homes’ profit soars by 47%
In 2017, Bovis Homes Group set out a plan to optimise its balance sheet. The partnership has enabled the housebuilder to achieve a total of £253.5m, exceeding its £180m target.
The first phase at Stanton Cross was launched in September 2018. By the end of the year, Bovis had completed the sale of 22 units, delivering a profit of around £2m.
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