UK-based housebuilder Berkeley Group has teamed up with global charitable foundation Wellcome Trust to launch a 拢400 mln (鈧�463 mln) joint venture which will invest in long-term regeneration sites.
UK-based housebuilder Berkeley Group has teamed up with global charitable foundation Wellcome Trust to launch a 拢400 mln (鈧�463 mln) joint venture which will invest in long-term regeneration sites.
The new partnership, to be called St Katharine, will invest in plots of land with the potential to make strong commercial returns and with a strong social impact. It will initially focus on schemes in London and the South of England.
Berkeley will source the land and apply its expertise to design, build and market each development. The Wellcome Trust will inject capital, providing access to 拢16 bn of funds and a potential long-term outlet for some residential products on each site.
'This joint venture will have access to new, long-term, patient capital,' commented Peter Pereira Gray, managing director of Wellcome Trust 's investment division. 'We will be opportunity-led, bidding at the right time for sites that would not otherwise be viable and turning them into fantastic places. It is good news for the UK housing market.'
The Wellcome Trust is a global charitable foundation holding over 拢1 bn of residential property as a long-term investment.
