Real estate experts launch IDC Develop6th Nov 2012
A group of real estate experts has launched a new venture to develop family homes in London and south east England.
Matt Phillips, co-founder of Essential Land, has joined forces with Richard Houghton, Jim Kelly and Graham Kent, directors of IDC Real Estate and formerly of Jones Lang LaSalle, to form IDC Develop.
The team will use private equity funds from individual investors to secure sites, and work in partnership with major banks to deliver schemes, IDC Develop said.
This is a model that Essential Land has developed over the past three years which has allowed the company to raise finance for projects in south east London and Surrey. Matt Phillips said that the company could ensure returns to investors within two years.
“We are now keen to build on this successful model and broaden our reach in the residential development market,” said Phillips. “IDC Develop will focus on creating more high quality homes, in response to the increasing shortage of new build residential family accommodation primarily in London and the south east of England.”
IDC Real Estate has previously invested in a number of schemes with Essential Land.
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