Galliford secures new properties

HOUSEBUILDING and construction group Galliford Try yesterday acquired the 50 per cent share held by Bank of Scotland in four residential development joint ventures in and around London.

The property group handed over a nominal £1 for each of the sites and paid off the £42.5m debt held by the Bank of Scotland.

Galliford Try believes the sites – which have room for 742 plots – have potential for future development and could be valued at up to £154m.

Bank of Scotland lost an estimated £20m on the transaction.