A new £1bn joint venture between Galliard Homes and Cain Hoy Enterprises is aiming to create London’s biggest house builder.
The collaboration between the London developer and the private investment group will aid the development of homes in the capital and surrounding commuter area. The £1bn complements Galliard’s existing £2.4bn development portfolio.
Deutsche Bank is providing Galliard Holdings with a three-year loan that will be put towards the developer’s share of the equity funding for the new joint venture.
The new funding will give Galliard Homes the capacity to become London’s largest house builder and provide up to 6,000 homes.
A 900-home scheme at 2 Millharbour, E14, will be the first project funded through the jv.
Stephen Conway, chairman and chief executive of Galliard Homes, said: “This significant investment will enable Galliard to expand our pipeline of new developments over the next three years in a focused and opportunistic manner, building on the success of its schemes to date.”
Jonathan Goldstein, Cain Hoy’s head of European investments, added: “Our property investment expertise and financial firepower, combined with Galliard’s strong development team, puts us in an exceptionally strong position to deliver solid returns.”
