Last week, Bovis Homes Group signed contracts for two Private Rented Sector (PRS) transactions across a range of sites that the company already owns.
The housebuilder signed contracts with two separate investors, one of whom is utilising the government’s successful Build to Rent initiative.
The first transaction consists of around 190 homes, with Bovis investing around £1 million for an approximate equity stake of 27% and a £4 million loan to the investor.
The second transaction will see the delivery of 320 new homes on sites mainly in the Midlands and the North.
Bovis aims to deliver between 3,650 and 3,850 legal completions in 2014, including approximately 250 built specifically for the PRS.
Bovis CEO, David Ritchie, commented: “We are delighted to have agreed these two private rental sector deals which will provide the opportunity to deliver over 500 additional new homes during 2014 and 2015.”
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