<p><span>Berkeley Group has acquired National Grid’s 50% stake in the company’s St William Homes joint venture for £412.5 million, representing more than 20,000 future homes for the business.</span></p> <p><span>The transaction means that Berkeley now wholly owns its St William subsidiary. St William was formed in 2014 as a 50:50 jv with National Grid to create mixed-use residential schemes from former gasworks sites which National Grid no longer needed for its own business activities.</span></p> <p><span>The acquisition gives Berkeley full control of 19 sites already in its land holdings, consisting of 12,600 homes, two sites already in its near-term pipeline, totalling 2,600 homes, and three new long-term sites to be included in the near-term pipeline - approximately 5,000 homes.</span></p> <p><span>This represents more than 20,000 future homes across 24 sites. The majority of these were identified when St William was created.</span></p> <p><span>The subsidiary has delivered around 1,100 homes and completed three small sites. Berkeley said it had around £500 million of outstanding land payments to make to National Grid in relation to the sites, payable over the next ten years.</span></p> <p><span>Berkeley added that the £412.5 million cash consideration for National Grid’s interest in St William had been funded from Berkeley’s existing cash reserves. …