Vistry Group Forges £150 Million Joint Venture with Homes England

Vistry Group PLC (LON:VTY) announced a strategic joint venture with Homes England, the government's housing and regeneration agency.

The newly formed entity, named Hestia, is underpinned by a substantial £150 million capital commitment from both Homes England and Vistry. This move is designed to accelerate the delivery of mixed-tenure communities at scale.

Hestia's focus will center on the acquisition and development of strategic sites, each encompassing between 400 and 3,000 homes.

These developments are expected to include essential infrastructure, aiming to create sustainable and thriving communities.

The initiative also incorporates a commitment to supporting SME developers through the sale of land parcels on larger sites, fostering broader participation in the housing market.

The partnership is viewed as a significant stride towards achieving sustainable housing growth and unlocking the potential of large-scale development sites nationwide.

The joint venture alleviates some investor concerns regarding development risk, as Homes England's involvement provides a layer of security and shared responsibility.

Greg Fitzgerald, Chief Executive of Vistry Group, stated, “As one of the country's largest providers of affordable homes, we are closely aligned with Homes England and share their ambitions for further affordable housing delivery. Hestia represents a bold and collaborative step forward in unlocking the potential of large-scale sites and accelerating the creation of thriving, mixed-tenure communities across England.”