Former Barratt chairman launches residential development company

Published 07th Jun 2010

The former regional chairman of Barratt London & Thames Gateway Adam Lawrence has launched a new residential development and has secured £100m funding.

Lawrence has set up London Square to take advantage of the recovery of the UK’s housebuilding industry with £100m of capital backing from mid-market private equity group Graphite Capital.

Graphite has backed businesses in a wide range of sectors including Wagamama and Maplin Electronics. It will provide up to £50m of equity capital for a majority share in the new company. Together with a further £50m of senior bank debt, the total funding package is expected to be £100m.

Lawrence will head London Square which has a plan to reach a target of building more than 600 homes annually within the next five years, with the aim of “becoming one of London’s top housebuilders”. He said he was currently building an experienced management team which already includes land director Brian Betsy, who previously held the same role at house-builder Fairview Homes.

He said the company would focus on prime sites in key locations within the M25 and Greater London, where housing demand significantly outstrips supply. Developments will range in size and will include both private and affordable housing and prices will range from £200,000 to £1.5m.

Lawrence said: “The London and south east housing markets are showing signs of recovery, and there remains a strong pipeline of new opportunities, including distressed land sales from financial and government institutions.”

Source: ' Property Week '

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