LONDON (Alliance News) - Housebuilder Telford Homes PLC on Friday said it has acquired the interest held by United House Group in the Gallions Quarter development in London and has secured a GBP110.0 million loan facility for its City North development.
Telford said it has acquired a 50% interest in the two phases of the Gallions Quarter development to be developed in partnership with Notting Hill Housing Group. The development is located adjacent to Gallions Reach DLR station near Royal Albert Dock in the east of the capital.
The first of the phases as a detailed planning consent in place for 292 new homes, which are due for completion in 2020, The second phase, to start after the first phase completes, has outlined consent for another 254 homes.
In addition, Telford has secured a GBP110.0 million loan to finance the City North development, a joint venture with the Business Design Centre. The funds will be provided by LaSalle Residential Finance Fund.
The funding will back a mixed-use development on the site comprising 355 apartments, retail leisure and office space. City North is located adjacent to Finsbury Park station in north London.
"The board is very pleased with the progress made since September 2015 across all of the sites acquired from UHGH and we look forward to their successful development over the next few years," said Jon Di-Stefano, Telford's chief executive.
Shares in Telford were up 1.6% to 292.62 pence Friday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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