Acquisition will expand Kier’s coverage in Lincolnshire and Cambridgeshire.
Kier Group has bought regional housebuilder Ashwood Homes for £23.5m.
The deal involves 389 plots of land with planning consent, which will be integrated into Kier’s housing subsidiaries Allison Homes and Twigden Homes. Ashwood Homes operates in Lincolnshire and North Cambridgeshire.
Kier chief executive John Dodds said that the transaction was similar in nature to the £15m purchase of Tudor Homes last year, which involved the acquisition of 350 plots of land with planning consent and a further 75 strategic plots in south Lincolnshire and north Cambridgeshire.
Commenting on the Ashwood deal he said: “This transaction, which is part of our ongoing strategy to expand and strengthen the residential division, has provided us with a good opportunity to acquire land off market in areas in which we are currently operating and will provide a return on our investment immediately.”
