Vistry Group PLC (LSE:VTY) announced a £580 million partnership deal to build 1,750 homes for the private rented sector in south-east England, with first homes ready later this month.
At that price the average house in the deal is worth just under £331,429.
The deal is with Blackstone and Regis, whose Leaf Living PRS housing arm would manage the portfolio of sites.
Most of the development sites come from Vistry's old housebuilding land bank, with the majority of home anticipated within the next two years.
Vistry CEO Greg Fitzgerald said partnering with businesses like Leaf enables the company to maximise the number of houses it builds, adding that this year the group is "on track" for a 10% increase in new home completions.
"This agreement supports our differentiated business model, with the certainty provided by the pre-selling of homes enabling us to accelerate our build programmes, guarantee work for our supply chain, reduce sales and build costs and create vibrant new communities," he said.
Broker Peel Hunt said the deal provided "further reassurance that the partnerships model has legs", with nine notable deals signed since the start of September 2023, representing around 14,400 homes and an estimated revenue of more than £4 billion.
The shares, up 43% in the year to date, were down 0.3% at 1,305p in morning trading.