Prospect Capital and London Green form £250m resi jv

Investor Prospect Capital and developer London Green hope to spend £250m building homes on brownfield land in London and the South East. The two firms have formed a joint venture called Satara Group. It will focus on development in the build-to-sell and co-living markets in which they are targeting 1,000 units and 3,500 beds, respectively, over the next five years. Harry Green, director at London Green, said the funding deal would help the developer “identify and act on opportunities swiftly”. Satara has already bought four sites in the past 15 months, yielding a combined 250 build-to-sell units and 260 co-living beds with a £160m development value.  Projects include Mitre Wharf – part of the 650-hectare Old Oak Common wider regeneration project – and Bromley High Street, a residential tower. To send feedback, e-mail alex.daniel@eg.co.uk or tweet @alexmdaniel or @EGPropertyNews Image courtesy of PR