Morgan Sindall announces £2bn joint venture with Hertfordshire County Council
Morgan Sindall Investments is partnering with Hertfordshire County Council to form a joint venture for the delivery of hundreds of new homes.
The company, part of construction and regeneration business Morgan Sindall Group plc, said the agreement between its subsidiary Community Solutions for Regeneration (Hertfordshire) Limited (CSRH) and the council’s property company Herts Living Ltd will create residential schemes with a gross development value of up to £2bn.
The partnership will be known as Chalkdene Developments and focus on 12 locations. It will have the capacity to build over 500 properties on approximately 40 sites across Hertfordshire.
Morgan Sindall said the 50:50 tie-up will span 15 years, with an option of extending for five.
It will use the services of the the various companies within the Morgan Sindall Group to deliver the works at pace, including developer Lovell and Morgan Sindall’s construction and infrastructure business.
John Morgan, chief exec of Morgan Sindall Group, said: “This win demonstrates the potential for our Investments division to become a meaningful contributor to group profits.
“It also reflects our ability to leverage our diversified portfolio of businesses to offer our partners and customers a comprehensive solution spanning strategic partnerships and project delivery.”
He added: “We understand how important the development of new housing is for Hertfordshire and are excited to have the opportunity to work with Herts Living in achieving the council’s vision.”
Herts Living MD Steve Faber commented: “We are delighted to be working with Morgan Sindall Investments to deliver new, high quality, sustainable houses that will help the county to meet the needs of its growing population, reduce the housing shortage and provide much needed social housing and community assets.
“Doing this will also release significant capital over the long term for strategic expenditure and investment.”
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