(Alliance News) - Land regenerator Harworth Group PLC said Tuesday it has entered a Midlands-focused joint venture with property investor Henry Boot PLC.
The joint venture is on a 50/50 basis, between Harworth Group subsidiary Harworth Estates Investments Ltd and Hallam Land Management Ltd, a subsidiary of Henry Boot.
The joint venture's focus will be to promote and develop a mixed-use strategic land opportunity in the Midlands region of the UK.
"This deal represents the continued expansion further south of our strategic land bank, leveraging the value brought by our regional operating model. We look forward to working with the Hallam team on this new opportunity," said Harworth Chief Executive Owen Michaelson.
"This deal represents the continued expansion of our strategic land bank, leveraging the value brought by our regional operating model. We look forward to working with the Harworth team on this new opportunity," said Henry Boot CEO John Sutcliffe.
Shares in Harworth were down 0.1% at 123.90 pence, while Henry Boot's shares were 0.4% higher at 246.05p on Tuesday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Henry Boot (BOOT)
Harworth Gp (HWG)