Housebuilder, Countryside, has announced that it has entered a framework agreement with Goldman Sachs Merchant Banking division for the potential delivery of up to 1,000 private rented homes over the next three years.
Initially involves three sites in Bicester, West Bromwich and Wolverhampton, the new deal will create 410 Build to Rent homes at market rental rates to be built over the next three years.
The developer and Goldman Sachs are now considering a “broader pipeline” of BTR opportunities.
Countryside said the agreement would help it grow its Partnerships division further. This follows the London Framework Agreement the mixed tenure developer entered into last month with Sigma Capital and EQT Real Estate, which will produce private rented homes in the capital.
Goldman Sachs Merchant Banking division, which invests in areas including real estate equity and real estate debt, has made recent transactions with modular housing developer TopHat and iQ Student Accommodation.
Iain McPherson, Countryside’s group CEO, said, “The UK desperately needs more high quality rented accommodation and we look forward to delivering more family homes with this new agreement. We continue to see strong interest from new and existing partners to deliver PRS homes as part of sustainable mixed tenure communities across the UK.”
Chris Semones, MD of Goldman Sachs added, “We look forward to partnering with a firm of Countryside’s calibre and experience in pursuing our aspirations to invest significant capital in high-quality new homes in the UK.”