An ex-Barratt boss has been handed 拢100m to set up a new London housebuilder
Adam Lawrence, former regional chairman of Barratt London & Thames Gateway, is launching a residential developer called London Square. Private equity firm Graphite Capital, which has previously backed firms such as restaurant chain Wagamama and electronics retailer Maplin, has stumped up 拢100m as a warchest.
Lawrence said: 鈥淲e鈥檙e extremely well capitalised and are well positioned to take advantage as conditions improve in the housing market.
鈥淭he London and South-east housing markets are showing signs of recovery, and there remains a strong pipeline of opportunities, including distressed land sales from financial and government institutions.鈥�
A statement from the firm said that it plans to build 600 homes a year within five years.
It will focus on locations within the M25 and homes will range in value from 拢200,000 to 拢1.5m.
Mike Innes, partner at Graphite Capital, added: 鈥淎dam has an exceptional track record of successful and profitable residential development in London. This is a good opportunity to back an excellent team at a favourable point in the cycle.鈥�
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