Grosvenor Property U.K. and Urban Splash sign $12m funding deal

Grosvenor Property U.K. has launched a new £10 million ($12 million) funding deal with Urban Splash, a regeneration company.

In the past 25 years, Urban Splash has created more than 5,000 new homes and 1.5 million square feet of workspace in more than 60 regeneration projects. The partnership will purchase land assets and work up schemes post-purchase. The pair expects to announce new acquisitions in the coming months.

“We are proud to make this announcement and form a new venture,” said Nathan Cornish, director of Urban Splash. “It will allow us to acquire more development sites so that we can add to our ever-increasing pipeline that currently stands at 5,000 homes and 500,000 square feet of commercial space.”

The partnership comes less than a year after Urban Splash announced a £43.5 million ($54 million) refinancing deal of its commercial portfolio with Aviva. The announcement also follows Grosvenor’s recent launch of its £120 million ($149 milli