Barratt, Homes England, and Lloyds team up to invest £150 million in creating a master developer
Barratt Developments has partnered with Homes England and Lloyds Banking Group to launch the MADE Partnership, a joint venture aimed at delivering large-scale residential developments across the UK.
The collaboration is expected to help meet the country’s demand for new homes by focusing on projects ranging from 1,000 to over 10,000 homes, alongside community and employment facilities.
The partnership, which will act as a master developer, is set to target both brownfield sites and garden village-style communities. The venture brings together Barratt, a leading housebuilder; Homes England, the government agency responsible for housing and regeneration; and Lloyds Banking Group, a key financier of the housing sector.
Backed by an initial combined equity investment of £150 million, provided equally by the three partners, MADE Partnership aims to leverage the capital needed to unlock and scale up large development projects. This will enable both major and small- to medium-sized homebuilders to participate in delivering homes and supporting infrastructure at scale.
“A failure to ensure the development system is working properly has held back the delivery of tens of thousands of new homes over recent years,” said Matthew Pennycook, housing and planning minister. “This government will work in partnership with all those who are focused on turning things around.
“The landmark new partnership announced today will support our commitment to ramp up housing supply and boost economic growth by developing more large-scale, attractive and sustainable places across the country with the homes, jobs and infrastructure that communities need to thrive.”
David Thomas (pictured left), chief executive of Barratt Developments, emphasised the importance of large-scale developments in addressing the housing shortage.
“Through the MADE Partnership, we are creating a master developer which can manage the infrastructure and placemaking that is needed to deliver at scale, while consistently achieving the high quality and sustainability standards that Barratt is known for,” Thomas said.
Peter Denton (pictured centre), chief executive of Homes England, added that the partnership would have the resources and expertise to transform a variety of sites into “vibrant, diverse places” where people would want to live and work.
“Whether it’s transforming a brownfield site, extending an existing town, or creating a whole new village, the partnership will have the finance, tools, expertise and partners required to ensure a cohesive approach to delivering a fabulous place that people want to live and work,” he said.
Charlie Nunn (pictured right), chief executive of Lloyds Banking Group, highlighted the collaborative nature of the venture, calling it a “pioneering” partnership that would help deliver tens of thousands of urgently needed homes.
“This is the cross-sector collaboration we need, at significant ambition and scale,” he said.
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