Contractor takes back 50% share of five housebuilders with development value of 拢154m

Galliford Try has bought Bank of Scotland鈥檚 stake in its joint ventures for 拢42.5m.

Sentient Ventures, Linden London, Linden Homes Eastern, Newhall and Linden St Albands, will now be solely owned by Galliford Try after it acquired Bank of Scotland鈥檚 50% stake in them.

The joint ventures are developing 742 plots on residential sites in Colchester, Harlow, Hammersmith and St Albans, with a total gross future development value estimated at 拢154m.

The development loans provided to the joint ventures by Bank of Scotland will be settled by a cash payment of 拢42.5m, financed from Galliford Try鈥檚 existing facilities.

Greg Fitzgerald, chief executive of Galliford Try, said: 鈥淭his acquisition helps to drive our housebuilding expansion plans forward strongly and, with the acquisitions of Rosemullion Homes and the assets of Wright Homes completed in 2009, demonstrates our ability to bring attractive opportunities to fruition.鈥�

In December Galliford Try acquired 156 plots when it purchased Rosemullion homes.

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