The two groups will join together to develop large-scale residential and mixed-use development schemes across the UK, trading as St Edwards Homes.

A joint venture has been announced between the Berkeley Group Holdings, and the Prudential Assurance Company.

The two groups will join together to develop large-scale residential and mixed-use development schemes across the UK and will trade as St Edwards Homes.

The new business鈥� first task will be to develop three residential schemes of more than 2500 homes in the South-east.

Berkeley and Prudential will both become shareholders in St Edwards Homes Limited holding a 50% stake each. Funding of about 拢48m will be provided through shareholders investments.

Tony Pidgley, group managing director of Berkeley, said: 鈥淲e are delighted to be forming this new joint venture, which from the outset will be driven by a remarkably powerful combination of complementary skills. This is a unique opportunity and I relish this chance to be in a joint venture with one of the most respected and admired companies in the UK.鈥�