Calico Homes to establish ten-year JV

The Burnley-based housing association is planning to set up a joint venture company with a construction partner to deliver its £48m development programme.

Calico owns 4,500 homes in Pennine Lancashire and is planning a number of new build developments in addition to the refurbishment of existing stock.

The £48m budget is split roughly 50:50 between refurbishment and new-build. Funding will come from cash reserves, future revenue and borrowing from Royal Bank of Scotland and Nationwide, as well as potential grant funding from the Homes & Communities Agency.

The joint venture will also bid for third-party work for other organisations, which could take the value of the JV order book to £88m over ten years.

Calico expects to appoint a partner by May 2012.

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