BlackRock has sold Lands Improvement to Telereal Trillium for £120m.
The deal sees the sale of one of the oldest land investment companies in the UK, which was established in 1853.
Lands Improvement manages 26 land sites totalling 2,500 acres and has a pipeline of 13,000 homes. It was acquired by BlackRock Europe Property Fund III in December 2009. Under BlackRock’s ownership the company transferred its focus from long-term land sites to include smaller sites where planning permissions could be expected in the medium term.
Chris McCormack, director at BlackRock Real Estate, said: “We have realised a good return for our investors and are confident that the business’s healthy pipeline of deals will allow it to thrive further in the future.”
Graham Edwards, chief executive of Telereal Trillium said: “At a time when there is a chronic housing shortage within the UK, we are delighted to be acquiring one of the major players in addressing the housing shortfall.”
BlackRock was advised by Rothschild.
