Devonshires has advised Your Housing Group (YHG) on a £2.5 bn joint venture, which aims to deliver 25,000 low-carbon modular homes by 2022.
Led by Partners James Lyons and Jonathan Jarvis, the Devonshires’ team has helped the Warrington-based housing association secure a deal with WElink Group, a specialised renewable energy company and developer of energy efficient modular construction, backed by Beijing-based China National Building Material Company (CNBM) and using a construction system provided by Spanish firm Barcelona Housing Systems (BHS).
James Lyons said: “We’re delighted to have helped YHG agree this ground-breaking joint venture, which is likely to play a key role in boosting housing supply. The deal will see YHG take a leading role in the UK’s modular housing market in a partnership supported by private sector investment.”
Brian Cronin, YHG’s chief executive, said: “YHG is committed to providing innovative solutions to address the UK’s housing crisis.
“This innovation in housing construction also creates new types of employment, develops new building skills, and nurtures apprenticeship opportunities which is good news for local people and businesses where we develop our housing and supply chains.”
Stephen Haigh, the new joint venture’s UK chief executive, added: “Through this joint venture we are leading the transformation of the housing market and are able to address the UK’s housing need head-on, creating an innovative platform to enable the increase in supply of new homes.
“Our announcement is very much about identifying new opportunities and assisting Government and other housing associations to achieve their housing aspirations as announced in the recent Autumn Statement, such as the £2.3bn infrastructure fund.”
Under the deal, CNBM has committed to build six factories across the UK.
