25 Oct 2013, 5:06 pm
The share purchase follows an announcement by Pocket that it has received £21.7m in loan funding from the Greater London Authority as part of the Mayor's Housing Covenant. The funding will help the developer build around 4,000 homes across the capital over the next ten years, with 400 homes planned across eight boroughs in the first three years.
Pocket said it expects to invest around £500m in delivering new homes over the next decade, with over 5,000 to be generated as a result.
“This is a powerful vote of confidence in our business plan as we significantly scale up our operations across London, and help many thousands more Londoners own their home outright,” said Pocket chief executive Marc Vlessing.
“As a company whose members are the London local authorities and with a focus on supporting growing businesses especially in areas where there is market failure, I am particularly pleased to announce our investment in Pocket," said Greater London Enterprise Group chief executive Martin Large.
“Pocket has a proven track record of helping those currently locked out of home ownership, and our investment will help support the expansion of the Pocket model into a greater number of London local authorities,” he added.
