Octopus Investments funds have bought Cheyne Capital’s majority stake in UK housebuilder Elivia Homes for an undisclosed amount.

Cheyne Capital first invested in Elivia Homes, formerly Vanderbilt Homes, in 2014.

Cheyne Capital said the Octopus plans to continue Elivia’s growth, with the aim of transforming it into a £250m (€293.6m) turnover business, delivering over 600 design-led and sustainable homes per year.

Rob Turner of Cheyne Capital Real Estate, said: “A key tenet of Cheyne’s real estate strategy has been to provide flexible finance solutions to housebuilders delivering high-quality homes in areas with a severe shortage of supply.

”This investment is a perfect example of this and the results are a testament to what can be achieved through the application of deep expertise and dedicated partnership.”

Ravi Stickney, managing partner and CIO of Cheyne Capital Real Estate, said: “We are very proud of what has been achieved in our eight-year journey with Elivia Homes.

”This has not been an easy environment for SME housebuilders but together we have navigated the challenges posed by such major geopolitical issues as Brexit, the COVID-19 pandemic and, most recently, the outbreak of war in Ukraine, and, in spite of this tumult, the business has emerged stronger than ever.

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