Real Estate team advises Vistry Group on £819 million partnerships deal with Leaf Living and Sage Homes

3 minute read
14 November 2023

Our Real Estate team has advised Vistry Group on a £819 million partnerships deal with Leaf Living and Sage Homes for the delivery of more than 2,900 mixed tenure new homes, one of the largest new build residential investment transactions on record.

The deal represents a key milestone in Vistry Group's strategy to merge its Housebuilding operations into its Partnerships business, through the signing of this substantial partnership agreement with Leaf Living and Sage Homes, both of which are backed by Blackstone-managed funds and Regis Group plc.

Leaf and Sage are to acquire 2,915 residential units from Vistry Group totalling a gross development value of £819 million. The units are located across 70 of Vistry Group's developments, with delivery to commence this year and the majority of homes completed within the next two years.

The agreement comprises 1,522 units for the private rented sector being delivered to Leaf and 1,393 affordable homes for rent and shared ownership being delivered to Sage, the largest provider of newly built affordable homes in England.

Gowling WLG's advisory team was led by the head of housing development and regeneration Ashley Mitchell, with support from legal director Timothy Evans, partner Lee Nuttall, digital legal delivery manager Amy Moore, senior associates Joanne McDaid, Victoria Packer and Liam Turner, principal associate Richard Thomas, and senior personal assistants Amanda McVay and Beth Howells.

Ashley Mitchell commented: "This is a market-leading transaction which ultimately facilitates the delivery of nearly 3,000 affordable new homes to the general public, at a time when housing need and affordability are in a bright spotlight. We're delighted to have used our team's specialist expertise to help Vistry Group bring the deal to fruition in a tight timescale, and we look forward to seeing the completion of these new-build properties across the UK."

Keith Carnegie, CEO of Vistry Housebuilding, commented: "The Gowling team integrated themselves absolutely with the Vistry team throughout this process and worked tirelessly to get this landmark agreement over the line. Their knowledge and expert advice were key to the success of the negotiations and we and our partners now look forward to putting our shoulders to the wheel to play our part in tackling this country's chronic housing crisis."

Gowling WLG has dedicated development and regeneration teams in the UK and act for a wide range of developers, funders and local authorities. The broad spectrum of asset classes we deal with means our expertise advising on residential, mixed use schemes and regeneration sites is unparalleled. For further information, please visit Gowling WLG's Real Estate page.

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