Places for People buys the Aviva managed socially responsible igloo fund
Property group Places for People has acquired a £300m (€342.6m) socially responsible UK regeneration fund managed by Aviva Investors.
The former housing association bought the assets of igloo Regeneration Partnership Fund from igloo Regeneration and will also take over the fund’s joint venture holdings and ongoing property interests.
As part of the deal, Places for People will acquire a 50% of the Blueprint Regeneration Partnership, a UCIS between igloo Regeneration Partnership Fund and Nottingham City Council, as well as 50% of BIGG Regeneration, a partnership with Scottish Canals.
The property group’s alternative asset management arm PfP Capital will act as the investment manager with igloo Regeneration retaining its role as development manager.
Chris Jones, a managing director at PfP Capital, said: “This is an exciting opportunity to partner with such an experienced team at igloo and further strengthen our position as a leading responsible real estate fund manager across a variety of housing tenures.
“Igloo shares our commitment to sustainable development and creating lasting, vibrant communities and we look forward to working with them, and the other partners, to deliver these exciting schemes.”
Peter Connolly, chief executive at igloo, said: “We have a strong pipeline of projects and now that the partnership with Places for People is in place, we can accelerate delivery and expand our operations.
Connolly said what the fund has achieved to date through working with Aviva Investors has enabled some truly transformative projects to become a reality, creating not just new homes and commercial space, but distinct, vibrant and ultimately sustainable, communities.
”We are now actively seeking further investment so that we can open up more opportunities for development that are for the good of people, place and planet.”
Andrew Appleyard, a senior director at Aviva Investors, said: “The fund has delivered some very successful sustainable regeneration projects over the past 17 years, with the fund life ending the disposal assets to Place for People is a good outcome as the legacy can continue.”
The fund which was launched in 2001 and was described by the United Nations as “the world’s first socially responsible property fund,” has invested £300m across the UK including eco-friendly homes and commercial space.