Berkeley Group and the Wellcome Trust have created a joint venture to develop long-term regeneration projects
The partnership, called St Katharine, is initially worth up to £400million and will target schemes which are having difficulty moving forward in the current economic environment, potentially creating new opportunities for architectural practices.
Berkeley will source land and oversee design, building and marketing the developments, with the Wellcome Trust injecting capital, providing access to £16billion of funding.
The initial focus will be on London and the South East.
Peter Pereira Gray, managing director of the trust’s investment division said: ‘We will be opportunity-led, bidding at the right time for sites that would not otherwise be viable and turning them into fantastic places. It is good news for the UK housing market.’