Oaktree, Greycoat and Homes England form £250m master developer jv

Oaktree Capital Management, Greycoat Real Estate and Homes England have formed a £250m master developer joint venture. The partnership will target large or complex sites with the potential to deliver more than 1,000 homes each.  It will acquire sites to masterplan and develop, carrying out the necessary infrastructure works so that it can offer ready-to-develop locations to a diverse range of housebuilders. Using a long-term stewardship approach, the multi-tenure, master developer model will increase the pace of delivery while putting social and community values at the heart of successful new places.  The partnership will leverage the investors’ expertise, resources and knowledge, and demonstrate the opportunity for new investment into an underserved part of the UK residential market.  The partners are identifying potential sites and hope to announce the first project in spring 2025. Jon Kenny, director at Greycoat, said: “Our mandate is to speed up the delivery of new homes by removing the barriers that slow housebuilders down. The bringing together of Oaktree’s institutional capital and Greycoat’s land development expertise, made possible through Homes England’s support, creates a powerful trinity of capability to unlock the complex challenges that stand in the way of delivering the large schemes necessary to deliver the government’s housing ambitions.” Peter Denton, chief executive of Homes England, said:  “Bringing forward more large-scale developments is key to delivering the homes the country needs – and this requires ambitious master developers with clear visions and long-term commitment.   “This partnership has the funding, ambition and expertise needed. It will help to unlock thousands of homes, offering ready-to-build sites to housebuilders while ensuring a cohesive approach, creating brilliant places that people want to live in.” Photo by Jon Santa Cruz/Shutterstock (12696935d)