Grosvenor and Urban Splash team up for development drive

Regeneration company Urban Splash has signed a £10m land acquisition funding deal with Grosvenor Property UK. The deal sees the pair form a partnership that will purchase land assets and work up schemes post purchase. The announcement follows Grosvenor’s recent launch of its £120m residential debt strategy, led by the investment team in its UK property business, which signals an expansion of the property company’s regional presence. Rachel Dickie, executive director, investment at Grosvenor Property UK, said: “With a significant need for new homes across the country and a softening in traditional debt markets, we see opportunities to use our experience of residential development to support the delivery of new homes by matching our capital to experienced delivery partners. “Urban Splash has a track record of bringing forward some of the UK’s most innovative regeneration schemes and we are delighted to be able to support them to continue to expand.” Urban Splash director Nathan Cornish said the new venture would allow it to acquire more development sites so it can “add to our ever-increasing pipeline that currently stands at 5,000 homes and 500,000 sq ft of commercial space”. He added: “We believe in the power of partnerships and to add Grosvenor to the list is a big moment for us and a further endorsement of the Urban Splash brand and our ability to source and deliver exciting new opportunities.” The news comes less than a year after Urban Splash announced a £43.5m refinancing of its commercial portfolio with Aviva. Grosvenor and Urban Splash said they would announce new acquisitions in the coming months. To send feedback, e-mail samantha.mcclary@eg.co.uk or tweet @samanthamcclary or @EGPropertyNews