East London-focused housebuilder Telford Homes (TEF) is to acquire the regeneration business of United House Developments for £22.97m, paid entirely from its existing cash resources.
The deal follows a restructuring of the United House Group, which owns United House Developments, following the demerger of its construction arm last summer. The assets acquired by Telford comprise four significant investment opportunities in north and east London, all of which are at various stages in the planning process. Crucially, they have the potential to add around £500m to Telford's existing £1bn development pipeline.
One development has achieved full planning consent. Known as City North, the mixed-use site comprises 355 apartments and over 100,000 sq ft of retail, leisure and office space in a joint venture with the Business Design Centre in Islington. The scheme includes two 23-storey towers, and work will start next year for completion by 2020.
