UK housebuilder HarperCrewe has received a “significant strategic investment” from TPG Angelo Gordon and Ridgeback Group.
The investment increases TPG Angelo Gordon and Ridgeback presence in the UK residential sector, having previously invested together to acquire nine UK build-to-rent assets with a gross development value of more than £800m (€928m).
HarperCrewe which was founded by Adrian Bloor, the former CEO of the largest privately-owned housebuilder in the UK, Bloor Homes, has partnered with national landowners, corporates and landed estates – such as the 88,000-acre Welbeck Estate – to amass a land portfolio of more than 3,000 plots since inception in 2022.
The company will use the investment from TPG Angelo Gordon and Ridgeback to expand its landbank and increase the scale and pace of its housebuilding programme eventually to more than 1,000 homes per annum.
Its product range will encompass for-sale, rental and affordable housing, while targeting sustainable A-rated energy performance certificates.
Bloor, founder and CEO of HarperCrewe, said: “Consolidation in the UK plc housebuilding sector is creating a path for new entrants that are committed to doing things differently.
“Our partnership model is a unique proposition and genuine alternative to the typical approach of a listed housebuilder. From our regional offices in Warwick and Nottingham, our dealmaking capabilities take us straight to the source of off-market land with landowners that are looking to leave an enduring legacy.”
Mike Diana, managing director of European real estate at TPG Angelo Gordon, said: “Our investment in HarperCrewe is underpinned by our belief that this is a highly scalable business that has a differentiated approach to housebuilding and serves a fundamentally undersupplied market. With a best-in-class homebuilder in Adrian Bloor and Ridgeback’s operational expertise, together we believe we are well positioned to execute on this significant opportunity in the UK and address the demand for new homes therein.”
George Bossom, partner at Ridgeback, added: “We’re excited to enter into this latest joint venture with TPG Angelo Gordon, which represents a timely expansion of our collective focus on housing in the UK. We look forward to working with the HarperCrewe team, leveraging our operational capabilities and expertise to support them as they continue to grow and deliver on their commitment to building much needed homes across a variety of housing tenures.”
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