Vistry Group PLC (LSE:VTY) has unveiled plans to sell just shy of 3,000 properties to private equity for a headline value of £819 million.
The buyers are Leaf Living and Sage Homes, backed by Blackstone and Regis Group respectively.
In all, 1,522 private rental units will go to Leaf and 1,393 affordable homes to Sage.
In terms of the financials, Vistry will get £160 million this financial year, helping underpin its profit and debt forecasts.
Chief executive Greg Fitzgerald said: “Our strategy gives the group significantly greater visibility on earnings than traditional housebuilders and this new partnership and others to follow, will help us drive towards our medium-term targets and the delivery of £1bn of shareholder distributions over the next three years."
In early trade, the shares were changing hands for 750p, up 2%.