Urban Splash and Liverpool ONE developer Grosvenor have launched a £10m partnership to focus on development acquisitions and help both companies to grow their portfolios.
The partnership will see the companies work together to buy land assets and work up development schemes post purchase.
Manchester-based regeneration specialist Urban Splash says the deal will help it to acquire more sites and assets, and that it expects to announce new acquisitions in the coming months.
The move also signals an expansion of Grosvenor’s regional presence. The group, chaired by the Duke of Westminster, recently launched a £120m residential debt strategy, led by the investment team in its UK property business
Urban Splash director Nathan Cornish said: “We are proud to make this announcement and form a new venture. It will allow us to acquire more development sites so that we can add to our ever-increasing pipeline that currently stands at 5,000 homes and 500,000 sq ft of commercial space.
“We believe in the power of partnerships and to add Grosvenor to the list is a big moment for us and a further endorsement of the Urban Splash brand and our ability to source and deliver exciting new opportunities.”
Rachel Dickie, executive director, investment at Grosvenor Property UK, said: “With a significant need for new homes across the country and a softening in traditional debt markets, we see opportunities to use our experience of residential development to support the delivery of new homes by matching our capital to experienced delivery partners.
“Urban Splash has a track record of bringing forward some of the UK’s most innovative regeneration schemes and we are delighted to be able to support them to continue to expand.”
The partnership announcement comes less than a year after Urban Splash announced a £43.5m refinancing deal of its commercial portfolio with Aviva.
Mr Cornish said: “Aviva and Grosvenor are both hugely respected partners, and their support of our existing portfolio and future development plans is of great importance to us as we move into our next phase of development and growth.”