(Correcting the description of Cheyne Capital Management Ltd.)
LONDON (Alliance News) - Property, construction and services company Kier Group PLC on Tuesday said its residential division has entered into a public-private alliance with The Cheyne Social Property Impact Fund and the Housing Growth Partnership to build around 10,0000 new homes across the UK over the next five years.
Kier said the partnership, titled The New Communities Partnership, will provide Kier with a capital efficient model to build the new homes, and it will participate in the partnership through its residential division Kier Living.
As part of the partnership's model, Kier said public sector clients will be given the opportunity to derive a revenue income from their land, whilst also offering wider social benefits including local job opportunities, apprenticeship schemes and graduate employment.
Kier will be involved in the building, marketing and sales process as well as offering management and maintenance support where needed.
Cheyne Social Property Impact Fund, which is also part of the partnership, is run by asset manager Cheyne Capital Management Ltd and assists social organisations to invest in property to deliver services such as affordable housing and supported living. The other partner, the Housing Growth Partnership is a joint venture between Lloyds Banking Group PLC and the Homes & Communities Agency, the UK's national housing and regeneration agency.
"Kier Living's contribution to the partnership will be its extensive experience of building and maintaining private and mixed-tenure residential developments across the country. We believe that the private sector has a significant role to play if we are to meet the government's house building targets," said Kier Chief Executive Haydn Mursell.
Shares in Kier were up 1.8% at 1,210.80 pence on Tuesday.
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