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Aster Group has signed a joint venture (JV) deal with newly launched Vistry Homes to build 1,359 new properties, of which three-quarters will be for private sale.
The 30,000-home landlord has agreed the deal with Vistry Homes, which was formerly known as Bovis Homes before changing its name following the £1.1bn acquisition of Galliford Try’s housing arm.
The deal, which involves a total investment of £167m, comprises five JV agreements to build the homes across the South of England by 2024.
A total of 250 homes will be for affordable rent and 96 for shared ownership, with the rest for private sale, Aster said.
Around a year ago, Wiltshire-based Aster had its credit outlook downgraded by Standard & Poor’s over fears of its increased exposure to open market sales. However, it retained an overall A+ rating from the agency.
Aster is aiming to build 10,000 homes over the next seven years as part of a £2bn investment plan. In its last full year, the landlord built 1,156 homes.
Amanda Williams, group development director at Aster, said: “We’ve set ourselves ambitious delivery targets and this partnership will play a vital role in meeting these goals.
“Joint ventures are an incredibly effective method of delivering homes and we actively look for potential partners – be [that] builders, other housing associations or local councils.”
Last year Aster reported an 11% jump in annual surplus and appointed Mike Biles, a former housing ombudsman, as its chair.
Vistry has also been given the green light for 380 new homes in Devon, as part of a deal with housing association LiveWest. Full planning permission has been granted for the homes at Pinhoe Quarry, Exeter.
Inside Housing is pleased to join forces with Homes England and the LGA to introduce the Inside Housing Development Summit.
Taking place on 27-28 April 2020, the summit will gather together local authorities, housing associations, developers, fund managers and advisors for a Chatham House style event focussed on making new connections and exploring new delivery models.
The summit will take place over 28 hours, starting with an afternoon plenary on 27 April, an exclusive development site study tour to Northstowe, England's largest new town since Milton Keynes, followed by a business dinner.
The second day will provide opportunities to network with a range of senior Homes England and LGA staff including Nick Walkley, chief executive of Homes England and Mark Lloyd, chief executive of LGA.
You’ll also meet with leaders from across the development ecosystem and take part in group discussions to help you connect and explore new opportunities. All accommodation and meals will be provided within the fee.
Places for each stakeholder group are limited to ensure a balanced mix of participants and to make sure you leave with the relationships and leads you need.
Click here to book your place or for more information