Derwent Living to invest £80m in acquisitions
Housing provider Derwent Living has unveiled plans to spend £80m on property acquisitions before the end of 2011.
The Derby-based company said it will construct 277 homes by the end of 2011, compared with its 2010 total of 396.
Over the past year, Derwent has developed 835 student rooms across the Midlands and London.
The company said this commercial success had allowed it to continue building more affordable housing, and said it now expects to spend £80m on new acquisitions in the remainder of 2011.
Derwent also said it planned to roll-out its solar panel programme to 1,000 of its affordable living properties over the coming months.
Peter McCormack, chief executive at Derwent Living says: "The last few years have been difficult for everyone, particularly in the property industry, but we have weathered the storm whilst still providing much needed affordable housing.
"We are proud that our decisions have resulted in sufficient surplus to keep us afloat in difficult times, and allowed us enough flexibility to maintain our commitment to affordable housing."
