The partnership targets large, complex sites. Credit: Matt Southam via Shutterstock.

Oaktree Capital Management, an investment management company, Greycoat Real Estate, a full-service independent property partner, and Homes England have announced the creation of a £250m ($314.21m) master developer joint venture.

This initiative is expected to unlock and expedite the development of large-scale sites throughout England, aiming to significantly boost the housing supply.

The partnership is poised to target large or complex sites, each with the potential to deliver upwards of 1,000 homes.

Emphasising high-quality living environments, the joint venture will acquire and master plan sites, carrying out essential infrastructure works to prepare ready-to-develop plots for a variety of homebuilders.

Adopting a long-term stewardship approach, the venture puts placemaking at the forefront of its developments, ensuring that the homes constructed are well-suited to their respective communities.

This multi-tenure, master developer model is designed to enhance the rate of housing delivery while embedding social and community values in the creation of new, successful places.

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The partnership intends to harness the investors’ combined expertise, resources, and knowledge, showcasing the potential for fresh investment in a segment of the UK residential market that has traditionally been under-served.

The partners are currently in the process of identifying potential sites and expect to announce their first project by early 2025.

Greycoat director Jon Kenny said: “Our mandate is to speed up the delivery of new homes by removing the barriers that slow house builders down. The bringing together of Oaktree’s institutional capital and Greycoat’s land development expertise made possible through Homes England’s support creates a powerful trinity of capability to unlock the complex challenges that stand in the way of delivering the large schemes necessary to deliver the government’s housing ambitions.”

Homes England chief executive Peter Denton said: “Bringing forward more large-scale developments is key to delivering the homes the country needs – and this requires ambitious master developers with clear visions and long-term commitment.

“Joining Oaktree’s capital with Greycoat’s development experience, this partnership has the funding, ambition and expertise needed. It will help to unlock thousands of homes, offering ready-to-build sites to house builders, whilst ensuring a cohesive approach, creating brilliant places that people want to live in.”

In a recent report, Homes England highlighted an upsurge in the construction and completion of new homes outside of London.

Between 1 April and 30 September 2024, the agency recorded the initiation of 15,682 new houses and the completion of 14,295 homes.