Vistry Group has announced a groundbreaking deal worth £819 million with Leaf Living and Sage Homes. This agreement will see the construction of more than 2,900 mixed tenure new homes. The partnership signifies a significant milestone in Vistry's strategy to merge its House Building unit with its Partnerships business, which works closely with government and private housing associations to provide affordable, mixed-tenure housing.
Leaf Living and Sage Homes, both supported by Blackstone-managed funds and Regis Group, are actively contributing to addressing the acute housing shortage across the nation. The purchase of 2,915 units by these companies marks one of the largest new-build residential-investment transactions to date.
Spread across 70 of Vistry's developments, these homes are expected to be delivered starting this year, with the majority to be completed within the next two years. These plots were originally part of Vistry's land bank under its former House Building unit and are now being pre-sold in accordance with the company's new strategy of pre-selling approximately 65% of all units across its business.
This agreement not only reinforces Vistry's previous forecast for adjusted pretax profit of GBP410 million but also provides visibility and security to its 2024 build program.