Cripps advises Vistry on landmark sale and partnership agreement with Sage and Leaf Living
Cripps has advised leading housebuilder Vistry Group on the sale of 191 units across two development sites as part of a bulk sale which will see Leaf Living and Sage Homes acquire a total of 2,915 units with a value of £819m.
The overall transaction 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.
This sale and future partnerships will help the Vistry Group meet its medium-term targets and the delivery of £1bn of shareholder distributions over the next three years.
Greg Fitzgerald, Vistry Group chief executive officer, commented:“We have an excellent track record of working in partnership with Leaf and Sage to deliver new homes and I am extremely pleased to have reached agreement to grow these relationships through this exciting, market leading opportunity.”
The Cripps team, led by Garry Brett, worked alongside Gowling WLG on the legal aspects of the transaction.
Partner, Garry Brett commented “We are delighted to have been able to advise and support Vistry with this landmark project which is one of the largest new build residential investment transactions on record.”
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