Berkeley Group Holdings Plc, the U.K. homebuilder focused on London and southeast England, bought a 10-acre (4-hectare) site in London from Marks & Spencer Group Plc for about 100 million pounds ($152 million).
Berkeley’s St. James Group unit will build homes on the site in the White City district of the U.K. capital, replacing a Marks & Spencer warehouse, the company said in a statement today. Marks & Spencer will use the warehouse for another three years while it searches for an alternative site.
Berkeley, based in Cobham, England, has profited from acquiring land in the southeast of the country, where the housing market escaped the worst effects of the global recession in 2008 and mortgage lending has been less constrained. London house prices climbed 0.9 percent in June from the previous month, property researcher Hometrack Ltd. said in a report today.