Berkeley Group and Wellcome Trust launches joint venture
Berkeley Group, a UK-based house construction service provider, announced that it is teaming up with Wellcome Trust, a global charitable foundation. The partnership is set to launch a GBP400 million joint venture. The companies said the capital is to be invested in long-term regeneration properties.
St. Katharine, as the new partnership is called, will shell out funds in properties with strong public impression and with high potential to make solid commercial returns. St. Katharine's plans is to initially target schemes in the South of England and in London as well. Berkeley will employ its expertise to build, design and will market each development. The Wellcome Trust will provide the necessary capital, providing the partnership easy access to GBP16 billion of funds.
'This joint venture will have access to new, long-term, patient capital. We will be opportunity-led, bidding at the right time for sites that would not otherwise be viable and turning them into fantastic places. It is good news for the UK housing market," Peter Pereira Gray, Wellcome Trust managing director of its investment division, explained.