In the latest bid to push forward the UK government’s ambitious homebuilding pledge, an investor, developer and government-backed body have come together with a new initiative.

Oaktree Capital Management, Greycoat Real Estate and Homes England have launched a £250M master developer joint venture aimed at unlocking and accelerating large-scale development sites across England.

The three partners are identifying potential sites and are hoping to announce their first development project in spring 2025.

The partnership will target large or complex sites with the potential to deliver more than 1,000 homes each, the partners said in a statement. It will acquire sites to masterplan and develop them, carrying out the infrastructure works required so that the sites are ready to be developed by housebuilders.

“Bringing forward more large-scale developments is key to delivering the homes the country needs — and this requires ambitious master developers with clear visions and long-term commitment,” Homes England Chief Executive Peter Denton said.

“Joining Oaktree’s capital with Greycoat’s development experience, this partnership has the funding, ambition and expertise needed. It will help to unlock thousands of homes, offering ready-to-build sites to housebuilders, whilst ensuring a cohesive approach, creating brilliant places that people want to live in.”

In early November, 375 leaders from domestic and international institutional investors, developers, housebuilders, regeneration specialists, housing associations, and Combined and Local Authorities met in London to discuss the creation of new partnerships to increase the scale of housebuilding and urban regeneration across England.

The event was part of the Ministry for Housing, Communities and Local Government and Homes England’s new approach to secure more private investment into housing and the renewal of towns and cities for the government’s stated ambition to deliver 1.5 million homes over the next five years.