Vistry Grp Share News (VTY)

(Sharecast News) - Vistry Group announced on Thursday that its partnerships division has secured contracts and exchanged on joint venture developments with housing providers with a gross development value of £165m, to provide more than 661 new homes.
The FTSE 250 housebuilder said two mixed tenure developments, both in joint venture, would provide 503 homes, including 147 affordable homes.

It said the projects would be in Runcorn with Together Housing, and in Bristol with Goram Homes, which is a subsidiary of Bristol City Council.

In addition, Vistry Partnerships secured contracts totalling £43m to build 158 new homes and associated mixed uses, working with regulated partners in Plymouth and Runcorn.

The projects would be an 'Extra Care' scheme and a retirement village for Halton Housing and Inspired Villages, respectively, and a mixed-use scheme including homes for sale for English Cities Fund.

Vistry Partnerships was also appointed to the Connected Living framework in London, working with Transport for London and Grainger, the board confirmed.

"I am delighted that we have secured these joint venture developments and negotiated significant contracts with both long-standing and new investment partners," said chief executive officer Greg Fitzgerald.

"These schemes demonstrate the breadth and strength of our established partnerships business in the mixed tenure regeneration, affordable, private rented and older persons markets.

"They reflect the confidence that our partners have in our ability to deliver quality new homes."

Fitzgerald said that, with strong demand for new homes across a range of tenures, the company was seeing continued opportunities for growth working with partners.

"We are already providing thousands of homes across the country, and these new developments together with the contract and framework wins, underline the strength of our business model in delivering the government's commitment to 'Get Britain Building'."

At 0844 BST, shares in Vistry Group were down 1.72% at 573p.