The Berkeley Group, a British residential construction company, agreed to acquire a 50% stake in St William Homes, a joint venture to develop previously industrial sites into residential developments, from National Grid, a firm that owns and operates the electricity transmission network, for $544m. St William was formed in 2014 as a joint venture between National Grid and the Berkeley Group to develop previously industrial sites into residential developments in London and the South East UK. As these sites are now largely transitioned, it is the natural time for National Grid to crystalise its investment, whilst allowing Berkeley Group to focus on the delivery of these sites.