Proactive Investors - Barratt Developments PLC (LON:BDEV) has joined forces with Lloyds Banking Group PLC (LON:LLOY) and Homes England to create the MADE Partnership, which will focus on developing large sites “to help deliver thousands of much needed new homes across the country”.
According to the press statement, MADE will act as master developer for multiple large scale, residential-led developments from 1,000 to more than 10,000 homes along with a variety of community facilities and employment uses.
Barratt, Lloyds and Home England are contributing equallyu to the project’s £150 million initial funding.
Labour’s housing and planning minister Matthew Pennycook called it a “landmark new partnership” that “will support our commitment to ramp up housing supply and boost economic growth by developing more large-scale, attractive and sustainable places across the country”.
The announcement comes as the Labour government prepares to launch a major housebuilding spree.
Prime minister Keir Starmer has pledged to build 1.5 million new homes in the first five years of his premiership.
It will also provide a boost to Barratt, which was forced to slash its dividend recently to reflect a squeeze on earnings amid a strained housebuilding environment over the past year.
“Through the MADE Partnership, we are creating a master developer which can manage the infrastructure and placemaking that is needed to deliver at scale, whilst consistently achieving the high quality and sustainability standards that Barratt is known for,” said Barrat’s chief executive David Thomas.