TIDMTEF
RNS Number : 4162Q
Telford Homes PLC
19 February 2019
19 February 2019
Telford Homes Plc
('Telford Homes' or the 'Group')
Telford Homes sells significant build to rent development to
Greystar and Henderson Park partnership for GBP105.5 million
Telford Homes Plc (AIM: TEF), the London-focused residential
property developer, is pleased to announce that it has exchanged
contracts for the sale of its Equipment Works build to rent
development site in Walthamstow, E17 to a joint venture between
Henderson Park, the European real estate investment platform, and
Greystar, a global leader in specialist, long-term rental housing.
This is the third time the Group has worked with Greystar following
the recent land purchase at Greenford, UB6 and the partnership to
deliver 894 rental homes at Nine Elms, Battersea.
This transaction comprises the sale of the freehold interest in
the land and the construction of 257 build to rent homes for a net
consideration of GBP105.5 million. The sale is on a forward-funded
basis and will comprise an initial land payment followed by regular
payments throughout the construction period and a final profit
payment.
The 3.16 acre site in the London Borough of Waltham Forest was
purchased by the Group in December 2017 and has full planning
consent for 337 new homes including 80 affordable homes and 18,830
square feet of flexible commercial space. The location is serviced
by excellent transport links being situated close to Blackhorse
Road station on the Victoria line and London Overground. The
development is under construction and is anticipated to be
completed in late 2021.
Jon Di-Stefano, Chief Executive Officer of Telford Homes,
commented: "We are delighted to have secured another
forward-funded, build to rent sale and especially to have further
cemented our strong relationship with Greystar. This transaction
demonstrates our increasing commitment to London's growing build to
rent market and underpins our strategy to continue to scale our
build to rent pipeline whilst providing certainty over future
revenues and cash flows and delivering excellent returns on
capital."
Nick Weber, Founding Partner of Henderson Park, commented: "The
demand for housing in London continues to outstrip supply and with
home ownership at unaffordable levels for many people, the need for
new rental homes is growing rapidly. This shortage is further
compounded by the current lack of professionally managed
build-to-rent product in the UK, with existing rental stock largely
dated and in need of modernisation. This exciting development is in
an area experiencing significant regeneration and will bring first
class homes to the community of Walthamstow. We are also pleased to
be working to deliver this scheme with Telford Homes and Greystar,
with whom we are also working with on other projects across London,
which will offer an attractive solution to renters in the
capital."
Mark Allnutt, Senior Managing Director UK of Greystar, said:
"This transaction not only represents an exciting expansion of our
London footprint, but also demonstrates our long-term commitment to
providing high-quality properties that match residents' demands for
value and service. We are thrilled to continue working with Telford
Homes and Henderson Park through this project, which will create
significant economic and social benefits for the local
community."
Telford Homes was advised by the Residential Capital Markets
team at CBRE in this transaction.
- Ends -
For more information contact:
Telford Homes Plc Tel: +44 (0) 1992 809 800
Jon Di-Stefano, Chief Executive www.telfordhomes.london
Officer
Katie Rogers, Group Financial Officer
Guy Lambert, Head of Corporate Communications
Shore Capital (NOMAD and Joint Broker) Tel: +44 (0) 20 7408 4090
Dru Danford / Patrick Castle
Peel Hunt LLP (Joint Broker) Tel: +44 (0) 20 7418 8900
Charles Batten / Capel Irwin
Telford Homes media enquiries:
Buchanan (PR adviser) Tel: +44 (0) 20 7466 5000
Henry Harrison-Topham / Steph Watson telfordhomes@buchanan.uk.com
/ Catriona Flint
Henderson Park media enquiries:
FTI Consulting (PR adviser) Tel: +44 (0)20 3727 1000
Richard Sunderland, Ellie Sweeney, Hendersonpark@fticonsulting.com
Eve Kirmatzis
Greystar media enquiries:
Finsbury (PR adviser) Tel: +44 (0) 20 7251 3801
Gordon Simpson gordon.simpson@finsbury.com
James Thompson james.thompson@finsbury.com
About Telford Homes
Established in 2000, AIM listed Telford Homes has grown to
become one of London's largest residential developers. The Company
is dedicated to developing the homes and creating the places that
London needs. The Group's customers include institutional investors
in the build to rent sector, housing associations, individual buy
to let investors and owner-occupiers.
Telford Homes has a substantial development pipeline of GBP1.65
billion of future revenue comprising just over 5,000 homes. The
Group is at the forefront of build to rent in London delivering
over 1,750 homes in the sector. Telford Homes focuses on brownfield
opportunities in locations across London where the need for homes
far exceeds supply and invests in the communities it creates via
its sustainability strategy. The Group has extensive knowledge and
expertise in acquiring land, obtaining planning permissions and
designing and building high quality developments. For more
information please visit: www.telfordhomes-ir.london.
About Henderson Park
Henderson Park is a real estate investment platform which was
launched in late 2016. It has already built a $3.5 billion
portfolio of landmark European real estate assets across four
countries and a high quality team of 26 professionals. Henderson
Park is backed by three cornerstone investors: Stone Point Capital,
Kuwait Investment Authority and Wafra Investment Advisory
Group.
Henderson Park has been established to invest in European real
estate, primarily targeting gateway cities and seeking investments
in both assets and companies. Henderson Park will pursue
opportunities across a wide variety of commercial real estate
sectors.
Henderson Park is led by Nick Weber, its Founding Partner and
CEO. Nick has over 25 years of real estate experience, including
most recently as Head of Europe for Mount Kellett and previously at
Goldman Sachs for 14 years, where he was a Partner and Co-Head of
its European Special Situations Group.
About Greystar
Greystar is a leading, fully integrated real estate company
offering expertise in investment management, development, and
property management of rental housing properties globally.
Headquartered in Charleston, South Carolina, Greystar manages and
operates an estimated $115B of real estate in over 180 markets
globally including offices throughout the United States, UK,
Continental Europe, Latin America, and the Asia-Pacific region.
Greystar is the largest operator of apartments in the United
States, managing approximately 500,000 units/beds, and has a robust
institutional investment management platform with $32B of assets
under management including $12BN of assets under development.
Greystar was founded by Bob Faith in 1993 with the intent to become
a provider of world-class service in the rental residential real
estate business. To learn more, visit www.greystar.com.
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END
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