The deal was revealed to the city this  morning and has been agreed by both boards.

The move will now be put to shareholders and is expected to be rubber-stamped early next year.

Alan Dickinson, Chairman of Urban&Civic, said: “Urban&Civic was established just ten years ago with the specific intention of disrupting prevailing residential presumptions and now leads in strategic site Master Development.

“Wellcome is steeped in property experience and has a strong record of alternative asset class investment.

“Comprehensive alignment with the objectives of Homes England and respective local authorities will be maintained and reinforced.

“The growing residential communities that are being created by Urban&Civic, with the involvement of valued and reputed partners, can all be confident in a continued determination to do things right.”

Peter Pereira Gray, Managing Partner and Chief Executive Officer of the Investment Division of Wellcome, said: “We know the Urban&Civic business and its experienced management team from our recent joint venture together.

“We welcome Urban&Civic’s management and employees to Wellcome and look forward to working with them to invest in and develop the business further.

“We believe that the two groups’ complementary strengths will create a business well-equipped to deliver Urban&Civic’s long-term potential.”