Less Ads, More Data, More Tools Register for FREE

Pin to quick picksTelford Homes Regulatory News (TEF)

  • There is currently no data for TEF

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Significant build to rent agreement with Greystar

5 Jun 2017 07:00

RNS Number : 0853H
Telford Homes PLC
05 June 2017
 

5 June 2017

Telford Homes Plc

('Telford Homes' or the 'Group')

 

Significant build to rent development in partnership with Greystar

 

Telford Homes Plc (AIM: TEF) is pleased to announce that it has signed a pre-construction development agreement with Greystar, a global real estate company, to deliver 894 build to rent homes, together with extensive facilities, close to the River Thames at Nine Elms, Battersea.

 

Greystar have exchanged contracts to acquire two plots of land from Royal Mail plc. The pre-construction development agreement means that Telford Homes will assist Greystar in pursuing a detailed planning consent for the site. The development will be within walking distance of two new underground stations on the extended Northern Line and close to the new US Embassy.

 

Once planning consent has been secured the pre-construction development agreement will lead to Telford Homes entering a full design and build contract with Greystar to deliver the development for a fixed price. This represents an exciting opportunity for the Group to significantly expand its existing build to rent portfolio and commence a partnership with a major worldwide investor in rental housing.

 

The terms of the contract include regular payments during the course of construction and profit paid on practical completion such that the Group will invest limited equity and no debt. Telford Homes is not taking any sales or rental risk but the margin earned will account for full construction risk and therefore is in line with the Group's target margin for build to rent developments.

 

Greystar specialises in developing and managing large-scale rental communities in the United States and entered the UK market in 2013 building up a rental portfolio worth £2.8 billion by investing in new housing and student accommodation. Telford Homes represents an excellent delivery partner for large scale investors, such as Greystar, given that the Group has the skills required to achieve planning consents and manage and control all construction work under the brand of a respected London developer. These skills, coupled with a reputation for delivering a quality product on programme, assisted the Group in securing this partnership to the benefit of both Greystar and Telford Homes.

 

A further announcement will be made when planning consent has been achieved and the Group enters into the full design and build contract.

 

Jon Di-Stefano, Chief Executive of Telford Homes, commented:

"Telford Homes is becoming established as a significant developer of build to rent housing in London. This increasing reputation is helping the Group to secure major opportunities such as this and we are looking forward to assisting Greystar and building a strong partnership with them.

 

This development will represent a substantial increase in the Group's build to rent portfolio alongside existing schemes with M&G Real Estate, L&Q and Folio London, part of Notting Hill Housing Group. It is an exciting step for Telford Homes but it does not change our geographic focus when considering developments for open market sale. The Board believes the Group's skillset can be utilised to develop build to rent homes anywhere in London whilst still maintaining a strong pipeline of developments for individual buyers in non-prime London locations."

 

Mark Allnutt, Managing Director Multifamily, Greystar said:

 

"This will be without question central London's most exciting rental community. There's nothing comparable in the UK in terms of scale and resident amenity. We believe that London is finally ready for a five-star rental experience and we're proud to be bringing this to Nine Elms in partnership with Telford Homes, a housebuilder synonymous with quality."

 

- Ends -

For further information:

Telford Homes Plc

 

Jon Di-Stefano, Chief Executive

 

Katie Rogers, Financial Director

Tel: +44 (0) 1992 809 800

 

Guy Lambert, Head of Corporate Communications

www.telfordhomes-ir.london

 

 

Shore Capital (Nomad and Joint Broker)

Dru Danford / Patrick Castle

Tel: +44 (0) 20 7408 4090

 

Peel Hunt LLP (Joint Broker)

Charles Batten / Capel Irwin

Tel: +44 (0) 20 7418 8900

 

Media enquiries:

Buchanan (PR Adviser)

 

Henry Harrison-Topham / Victoria Hayns

Tel: +44 (0) 20 7466 5000

 

telfordhomes@buchanan.uk.com

www.buchanan.uk.com

 

 

Greystar media enquiries:

TwoBlue Communications

 

Paul Browne / Jake Hervin

Tel: +44 (0) 20 8870 0367

 

paul@tbcpr.com

www.tbcpr.com

 

 

Notes to Editors:

About Greystar

Greystar is a leading, fully-integrated, real estate company that specialises in the investment management, development and property management of rental housing. Headquartered in Charleston, South Carolina, with offices throughout the United States, Europe, and Latin America, Greystar manages approximately 400,000 rental units in 160 markets worldwide. Greystar is the largest operator of rental housing in the United States. Greystar manages over US$14 billion in gross assets on behalf of a global network of institutional investors, including US$5.7 billion of developments underway.

 

Since entering the UK market in 2013, Greystar has built up a rental portfolio worth £2.8 billion by investing in new housing and student accommodation and forward-funded investments in newly developed build to rent and student accommodation properties. Greystar aspires to be one of the UK's largest operators of rental housing. In order to reach this goal, Greystar has a target to increase its UK portfolio to 10,000 rental units within four years.

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
AGRGCGDLIUGBGRS
Date   Source Headline
27th Jul 20079:40 amRNSDirector/PDMR Shareholding
6th Jul 20077:00 amRNSDirector/PDMR Shareholding
5th Jul 200712:45 pmRNSAGM Statement
11th Jun 20073:11 pmRNSIssue of Equity & TVR Update
8th Jun 20071:40 pmRNSHolding(s) in Company
22nd May 200710:04 amRNSHolding(s) in Company
22nd May 20077:01 amRNSPreliminary Results
17th Apr 20077:01 amRNSTrading Update
26th Jan 200710:32 amRNSHolding(s) in Company
18th Dec 20062:53 pmRNSTotal Voting Rights
13th Dec 200611:05 amRNSHolding(s) in Company
23rd Nov 200612:00 pmRNSDirector/PDMR Shareholding
21st Nov 20067:01 amRNSInterim Results
10th Nov 20067:00 amRNSIssue of Equity
23rd Oct 200611:36 amRNSResult of EGM
28th Sep 20062:11 pmRNSIssue of Equity
5th Sep 20067:01 amRNSTrading Update
8th Aug 20064:48 pmRNSIssue of Equity
4th Jul 200612:00 pmRNSHolding(s) in Company
12th Jun 20063:33 pmRNSIssue of Equity
23rd May 20067:10 amRNSIssue of Equity
23rd May 20067:01 amRNSFinal Results
11th Apr 20067:00 amRNSTrading update
13th Jan 20062:58 pmRNSHolding(s) in Company
6th Dec 20057:01 amRNSIssue of Equity
22nd Nov 20057:03 amRNSIssue of Equity
22nd Nov 20057:01 amRNSInterim Results
13th Oct 200511:17 amRNSIssue of Equity
7th Jul 200512:55 pmRNSAGM Statement
17th Jun 200510:06 amRNSIssue of Equity
24th May 20057:00 amRNSFinal Results
1st Apr 200510:15 amRNSTrading Update &Board Changes

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.