Friday, 5 December 2014
Barwood Development Securities Ltd joins forces with Rockspring to invest €19 mln in strategic land (UK)
Barwood Development Securities Ltd, a joint venture between Barwood and Development Securities PLC, announces that it has secured €19 mln of investment from Rockspring UK Value 2 LP, for the promotion of unallocated land through the planning process, primarily for residential development.
BDSL has already secured, using its own funds or those of other third parties, over 4856 hectares of land across the UK and has achieved planning consent for over 3000 residential plots over the last 18 months. The new Rockspring funds will enable BDSL to expand further and utilize its extensive skills and experience to secure planning consents for sustainable development and exceptional returns to its investors.
“Despite the fact that house building is at its highest level since the recession, the gap between housing need and supply continues to widen, particularly in the southern regions. This point is underlined by the fact that all the political parties are committing to facilitate the delivery of a significant number of new homes, well beyond the next General Election. The investment from Rockspring allows us to further capitalize on both these strong market fundamentals, as well as our strong track record promoting land through the planning system, and presents a fantastic opportunity for achieving strong returns for this important new client.” Jamie Gibbins – Managing Director, BDSL.
Richard Bains, Rockspring Partner and Fund Manager of the UK Value series of funds, commented: “This new investment complements the acquisitions we have already made on behalf of the wider UK Value 2 portfolio by allowing us to enter a new sector where we see great potential for value growth. We believe our new partnership with such a well-respected and established developer will enable us to continue to source and deliver attractive returns and opportunities for our clients and investors.”