Contractor Rydon offloaded three of the regional construction works covering the Southwest, London and Southeast to newly formed Real Construction. The new company will focus on the residential sector and is headed by Paul Nichols (pictured), a former managing director of Wates Residential, and is targeting annual sales of £ 300 million. “This is an important day for people and customers in our new business. I’ve spent the past six weeks welcoming the new team at Real and making sure we have everything in place to find solutions to the development challenges faced by our clients and partners,” said Real Estate CEO Nichols. Working in partnership with local authorities, housing and retirement associations, and other housing service providers to build new communities that create opportunities for residents in places they can afford to rent or buy. ”Developments relocated from Redon include Siddington Park in Cirencester and Green Man Lane in Ealing and North Parade. in Bath and GKN in Bristol. The three regional Rydon companies acquired by Real have no affiliation with Rydon Maintenance, which was contracted to work on Grenfell Tower. The new company is backed by Nicholls and former KPMG partner Dane Houlahan, who founded the new venture with their own capital According to Real, the new builder is set to hand over the first phase of nine new retirement apartments in Sidington Park next month. Real won a place under the Southeastern Consortium to build affordable homes over the next three years. The Securities and Exchange Commission – owned by its 41 housing association and local authority members – expects its members to use the framework to build new homes and other projects with a total value of around £ 250m.