City of London Group buys Milton Homes for £20.2m

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Financial services investors City of London Group is set to buy Milton Homes for £20.2m.

Milton Home is currently owned by DV4, a fund owned in turn by property investment advisers Delancey.

Delancey will get £7m in cash and the remainder in shares in City of London Group.

Milton Homes has a current UK residential property portfolio of 586 properties with a market value of £77m.

City of London Group chairman Paul Milner says: “The Board believes that the acquisition of Milton Homes presents the Company and its shareholders with an attractive opportunity to acquire a business in the equity release sector.”

The deal depends on regulatory approval and a board vote.