Galliard Homes forms JV with group of US businessmen
A group of US businessmen has formed a joint venture with London developer Galliard Homes to build £1bn-worth of residential properties across the suburbs of the capital.
The group, which goes by the name Cain Hoy, will construct houses and flats worth between £250,000 and £500,000.
Galliard, which is London's second-largest developer after Berkeley Homes, will match the £225m injected into the venture by Cain Hoy.
The properties will be built in areas such as Clapham and Chiswick, according to the Sunday Times.
The newspaper quoted Galliard chief Stephen Conway as saying: "I can't see any of the larger developers competing for that part of the market.
"We want to be next to Berkeley Homes and undercut them, we want to be in Canary Whard and undercut Ballymore."