Goldman Sachs-backed UK modular house builder TopHat has raised £70m (€79m) from investors including FTSE-100 listed house builder Persimmon, and Aviva.

TopHat said the fundraising, backed by new and existing investors, is being led by Persimmon and Aviva Capital Partners - which originates infrastructure assets using Aviva group capital.

Existing shareholders Goldman Sachs Asset Management also committed capital, TopHat said, adding that Homes England, which has funded TopHat’s development at Kitchener Barracks in Chatham, is also considering making a commitment.

TopHat already works with some investors and developers including Man Group, BoKlok and Urban & Civic.

The funding will help the firm open Europe’s largest modular housing factory, from which it will manufacture up to 4,000 ultra-low-carbon homes a year, TopHat said.

Jordan Rosenhaus, CEO and founder at TopHat, said the fundraising is testament to the “innovative approach that TopHat continues to take to house building and marks a step-change for the future of housing”.

Dean Finch, group CEO at Persimmon, said: “This investment provides Persimmon with guaranteed access to very energy-efficient volumetric modular units as well as TopHat’s innovative brick façade to use with our Space4 timber frame products.

“This will provide further build efficiencies, manage the growing challenge of labour shortages in key trades and expand our product range for customers.”

John Cummins, CEO, Aviva Capital Partners, said: “Aviva is using its financial strength to invest in the sustainable infrastructure and real estate which are central to the UK’s net zero transition.

“TopHat is a pioneer of low-carbon homes and this investment will make sustainable housing more widely available, making a difference to communities and providing a retirement income for our customers.”

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