The five-year deal, worth £80m on a 50:50 joint basis, will focus on residential developments in urban brownfield sites, at first across the South East of England.

Kier Property’s partnership with social impact investor Housing Growth Partnership aims to acquire sites with or without full planning permission and target building 2,000 homes for sale and rent by 2027.

The joint venture’s objective is to regenerate urban brownfield sites, delivering new homes connected to the needs of local towns and communities.

Leigh Thomas, managing director of Kier Property said: “This partnership sits well with our five-year business plan to expand our offering in the mixed-use regeneration area.

“It will significantly augment our residential regeneration strategy and we have identified a number of sites that we plan to deliver through the partnership, where we can add value through the planning process.”

Vic Hepburn, CEO Housing Growth Partnership added: “The partnership with Kier represents the next step in the expansion of HGP, so we can play as full a role as possible in supporting the UK’s diverse and evolving housing need as part of our commitment to help Britain prosper.

“This partnership will see significant capital deployed to develop 2,000 additional homes on urban brownfield sites for rent and sale in areas with a shortage of supply.”