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Contractors announced for £1bn framework

Five contractors have been chosen to build 5,000 homes for rental developer Essential Living on a framework worth up to £1bn.

The contractors included Balfour Beatty, Brookfield, Vinci, McLaren and Prime Construction, which is part of the Elliot Thomas Group.

Contracts under the framework will span over eight years and have been broken down into three lots.

Both Balfour Beatty and Brookfield have been chosen for projects over £25m in value; Vinci and McLaren have been picked on projects worth between £10m and £60m; and Prime Construction has been chosen for projects under £10m.

The chosen contractors will work on sites including Essential Living’s Helix project in Canary Wharf and Berkshire House in Maidenhead.

Essential Living develops and operates private rented accommodation in the UK and is back by US real estate investor M3 Capital Partners.

It has a strategy to deliver 5,000 rented homes over the next 10 years across London and the South East.

In March, Essential Living announced that former Lend Lease boss Quentin Keeble had become its new development director.

The group was also shortlisted on the government’s Build to Rent fund in March, which included 36 schemes in total.