Vistry Group has entered into a groundbreaking partnership agreement with Leaf Living and Sage Homes, involving the acquisition of 2,915 units from Vistry, valued at a Gross Development Value (GDV) of £819 million. This substantial deal represents a significant stride in addressing the country’s pressing housing needs.

The homes, spread across 70 of Vistry’s developments, are set to commence delivery this year, with a substantial number expected to be completed within the next two years. These plots, previously part of the group’s housebuilding landbank, are being pre-sold as part of Vistry’s strategy to pre-sell approximately 65% of all its units.

This strategic transaction includes 1,522 units designated for the Private Rental Sector (PRS), to be delivered to Leaf, and 1,393 affordable homes for rent and shared ownership, to be delivered to Sage. This move is aimed at contributing significantly to the alleviation of the housing shortage across the UK.

Vistry and Sage plan to leverage their existing Homes England grant funding under the Affordable Homes Programme. This funding will facilitate the initial delivery phase of both rented and shared ownership affordable homes.

Greg Fitzgerald, CEO of Vistry Group, expressed his enthusiasm for the partnership. “We have a strong history of collaborating with Leaf and Sage to deliver new homes, and I am delighted to expand these relationships through this market-leading opportunity. Our unique partnerships model enables Vistry to sustain the delivery of much-needed affordable housing throughout the UK. This strategy not only provides greater earnings visibility compared to traditional housebuilders but also propels us towards our medium-term goals, including the delivery of £1 billion in shareholder distributions over the next three years.”

This partnership marks a major milestone for Vistry Group, Leaf Living, and Sage Homes, showcasing a collaborative approach to tackling the housing crisis in the UK. It underscores Vistry’s commitment to innovative partnerships and strategic pre-selling, setting a new benchmark in the housing development sector.