The high-profile backers of Sage Homes are selling their stake in the for-profit provider’s 9,000-home portfolio in order to attract more investment for development.

Alternative asset management giant Blackstone and private equity investor Regis are looking to sell a majority stake in the housing stock to one or more institutional investors. They will however retain ownership of the corporate entity Sage Homes itself.

The proceeds from the sale will then be reinvested as Sage attempts to hit its new target of delivering 30,000 new homes by 2030.