In a move to expedite housing development, housebuilder Vistry has reached an agreement with Blackstone Real Estate and Regis Group for the sale of a portfolio of new homes. The portfolio, concentrated in southeast England, encompasses approximately 1,750 homes across 36 of Vistry's ongoing developments, boasting a gross development value of £580 million.

Leaf Living, a private rented sector housing provider backed by Blackstone and Regis funds, will manage the portfolio. Consistent with Vistry's Partnerships strategy of pre-selling two-thirds of properties before construction commences, the homes in question are currently undergoing pre-sale. The initial completions under this agreement are anticipated by the end of June 2024, with the majority of homes slated for completion within the next two years.

Vistry's Chief Executive, Greg Fitzgerald, emphasized the significance of partnerships with organizations like Leaf Living in maximizing annual high-quality home deliveries. This agreement, he stated, reinforces Vistry's distinct business model. The certainty provided by pre-sold homes allows Vistry to expedite construction programs, guarantee work for its supply chain, reduce sales and construction costs, and establish vibrant new communities. He concluded by highlighting Vistry's projection of exceeding a 10% increase in new home completions this year, playing a pivotal role in addressing the UK's critical housing shortage.

Blackstone's Head of European Real Estate, James Seppala, commented on the potential of institutional private capital to contribute meaningfully to the provision of high-quality housing stock across the UK, particularly in the currently undersupplied private rented sector. He expressed his belief that collaborations like this one can significantly accelerate new home delivery and contribute to alleviating the sector's structural undersupply.