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Morgan Sindall enters up to £1B JV to develop properties in Essex, UK

Morgan Sindall Group PLC and the Brentwood Borough Council are forming a 50/50 joint venture with a potential contract value of up to £1 billion for property developments in the borough in Essex, U.K.

The developments will comprise new homes, mixed-use schemes, public spaces and commercial and leisure facilities on the council's land portfolio.

The construction and regeneration company said its Morgan Sindall Investments division will offer financing and commercial expertise, while the council will serve as a central purchasing body through which other local contracting authorities in Essex may strike a similar partnership with the division.

Under the deal terms, the joint venture will keep and manage certain development properties, while the council will have the option to purchase properties, including affordable housing.