National Grid has announced the sale of its entire 50% stake in the St William Homes joint venture to Berkeley Group for £412.5m in cash.
The two companies have also entered into a series of sale and purchase agreements for a number of additional sites owned by National Grid which are expected to complete over the period to 2025 for a total of around £270m.
There is also a deferred consideration of £230m in respect of sites previously sold to St William payable by Berkeley over the period to 2031.
St William was formed in 2014 as a joint venture between National Grid and the Berkeley Group to develop previously industrial sites into residential developments in London and the South East UK.
“As these sites are now largely transitioned, it is the natural time for National Grid to crystalise its investment, whilst allowing Berkeley Group to focus on the delivery of these sites,” the company said.