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Report: Land Securities sells part of UK garden city site

off-loaded two-thirds of its Eastern Quarry site in Ebbsfleet, Kent, U.K., toHenley Camland for an undisclosed price, PropertyWeek reported April 8.

Theland has the capacity for nearly 4,700 homes, along with leisure and commercialdevelopments, for an estimated development value of around £1.1 billion.

Thecompany has retained the remaining third of the site, which can accommodateanother 1,500 homes, the report said.

HenleyCamland is a partnership between private equity firm Henley Investments andinfrastructure specialist Camland. The report said Camland has been workingwith Land Securities on the site since 2012, and the Henley Camland venture wasformed in June 2015. The partnership intends to prepare various sites in thequarry in order to sell to housebuilders.

Thewider Ebbsfleetproject site is part of a government-backed garden city , and has plans for 15,000 newhomes. It is backed by Chancellor George Osborne, including £310 million infunding announced in the Autumn Statement in November 2015, the report said.