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03 Apr 2019 | 07:54

Bovis Homes completes JV with Riverside to deliver over 3,600 homes in Northamptonshire

Homebuilder Bovis Homes Group completed a joint venture with Riverside for the development of the new community at Stanton Cross in Northamptonshire. The new development would deliver over 3,600 new homes together with leisure, retail and office space, new schools, public parks and open spaces. The first phase at Stanton Cross was launched in September 2018 amid strong demand for the new homes with Bovis Homes completed 22 units on the site in 2018, delivering a total of about £2m profit. Bovis Homes Group said it had transferred gross assets totalling £102.6m relating to the development, including land and work in progress, into the JV, of which both companies own 50%. Bovis Homes Group received a net cash benefit from the transaction of £69.5m which would contribute towards our capital return plan of a total of £180m or about 134p per share to shareholders in the three years to 2020, the company said. With the completion of this JV, the company had now achieved a total of £253.5m from these initiatives, significantly exceeding the £180m target. 'We will maintain a strong focus on active balance sheet optimisation going forwards,' Bovis said.

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