The Berkeley Group Holdings has acquired National Grid’s 50% interest in its St William Homes LLP joint venture, which is now a wholly-owned subsidiary of the company, for cash consideration of €490.5m (£412.5m). St William was formed in 2014 as a 50:50 joint venture to bring forward former gasworks sites owned by National Grid that it no longer required for its own business activities to create mixed-use residential developments. Following Berkeley’s acquisition of the former National Grid gasworks at Southall’s Green Quarter the company has then delivered the first 550 homes on this 86-acre 3,750 home mixed-use regeneration site.
Through the acquisition of National Grid’s interest in St William, Berkeley is gaining full control of:
· 19 sites already in its land holdings (12,600 homes),
· Two sites already in its near-term pipeline (2,600 homes), and
· Three new long-term sites that will be included in the near-term pipeline (approximately 5,000 homes).
In total, this represents over 20,000 future homes across 24 sites, which constitute the significant majority of those identified at the inception of St William, which has already delivered approximately 1,100 homes and completed three small sites. Including the already wholly owned Green Quarter site at Southall referred to above, and the three small sites already completed, Berkeley’s relationship with National Grid will see some 25,000 new homes delivered across London and the South East that would not otherwise have come forward.
The company’s investment reflects its expertise and long-term commitment to London. This deal will continue to sustain 28,000 UK jobs directly and indirectly through Berkeley’s supply chain.