Real estate fund manager PfP Capital has joined forces with Lloyds Banking Group-backed Housing Growth Partnership (HGP) to develop housing communities across the UK.
The two firms intend to invest in the partnership that expects to build up to 1,200 homes worth around £390m (€443m)
The venture will focus on developing individually designed urban communities, centred around homes across an initial 10 major UK regional city sites, over the next three to five years.
The partnership’s first scheme to be brought forward is the initial phase, totalling 78 townhouses, of a 400-home development at Dundashill, in Glasgow, the companies said, adding that a further nine sites, in regional cities including Nottingham and Newcastle, are currently in the pipeline.
Igloo Regeneration, the developer acquired by PfP Capital in January, will be responsible for developing the schemes.
John Tatham, finance director at PfP Capital and Igloo board member, commented: “This partnership will accelerate the development of over 1,200 highly sustainable homes across the UK, at a time when the pace of new home delivery is rapidly declining.
“Residential regeneration, and community-led regeneration in particular, is key to revitalising parts of the UK that have suffered from underinvestment.”
Rachel Miller, investment director at HGP, said the joint venture reflects HGP’s ambition to support the UK’s diverse housing need through ”strategic partnerships with experienced developers and will see significant capital deployed into the transformation of urban brownfield sites in regional cities”.
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