UK SME housebuilder Backhouse gets £50m investment from Cheyne Capital

Cheyne Capital’s fifth real estate debt fund has invested £50m (€57.1m) into UK SME housebuilder Backhouse.

Backhouse said it has secured the capital, in the form of a joint venture, from the asset manager’s £600m Cheyne Real Estate Credit Fund V vehicle.

The funding will help Backhouse deliver 500 houses a year by 2022.

The latest partnership follows previously-formed joint ventures with the Housing Growth Partnership on two of Backhouse’s current sites in Castle Cary and Westbury, Backhouse said.

Rob Turner of Cheyne Capital will join the Backhouse board as a non-executive director, as will former advisers to Backhouse, Richard Jones and Anthony Henry-Lyons.

Launched in 2016 and headquartered near Bath, Backhouse is geographically focused on providing housing for the South West region.

The company was founded by former Deutsche Bank and Citigroup commodities banker Theodore Backhouse.

The founder said: “This is a very exciting moment in the history of the organisation. The investment is a strong endorsement of the team we have put together and what we have achieved to date.

 “There is a fantastic opportunity for SME housebuilders to grow as the UK looks to achieve its ambitious housebuilding targets and we are delighted to be working with Cheyne Capital as we embark on a phase of significant growth. We believe this partnership and our design-led ethos will pay dividends as the market sees new build volumes grow and choice increase for buyers.”

Turner said: “We are excited to be supporting another high-quality housebuilding business in the UK and this investment is a testament to what the Backhouse team has already achieved.

“This joint venture once again demonstrates Cheyne’s ability to provide innovative, flexible and bespoke financing solutions to organisations focused on increasing the supply of mid-market housing in the UK with strong management teams and robust growth plans.”

 

Related images

  • Backhouse

Have your say

You must sign in to make a comment

IPE QUEST

Your first step in manager selection...

IPE Quest is a manager search facility that connects institutional investors and asset managers.

  • QN-2548

    Asset class: Fixed Income, Emerging Market Debt Hard Currency (Active).
    Asset region: Emerging Markets.
    Size: CHF 300-400m.
    Closing date: 2019-07-30.

  • QN-2549

    Asset class: Fixed Income, Emerging Market Debt Hard Currency (Passive or Passive Enhanced).
    Asset region: Emerging Markets.
    Size: CHF 300-700m.
    Closing date: 2019-07-30.

  • QN-2550

    Asset class: Fixed Income, Emerging Market Debt Local Currency (Active).
    Asset region: Emerging Markets.
    Size: CHF 250-350m.
    Closing date: 2019-07-31.

  • QN-2551

    Asset class: Fixed Income, Emerging Market Debt Local Currency (Passive or Passive Enhanced).
    Asset region: Emerging Markets.
    Size: CHF 250-350m.
    Closing date: 2019-07-31.

  • QN-2552

    Asset class: Fixed Income, High Yield (Active).
    Asset region: High Yield (US).
    Size: CHF 500-600m.
    Closing date: 2019-07-29.

  • QN-2553

    Asset class: Fixed Income, High Yield (Passive or Passive Enhanced).
    Asset region: High Yield (US).
    Size: CHF 500-1'100m.
    Closing date: 2019-07-29.

  • QN-2554

    Asset class: Global Real Estate (Equity, unlisted Funds).
    Asset region: World (ex-Switzerland).
    Size: CHF 200 mn (potential for further growth).
    Closing date: 2019-08-07.

  • QN-2555

    Asset class: Real Estate.
    Asset region: European.
    Size: EUR 50 - 100 million.
    Closing date: 2019-07-22.

  • QN-2556

    Asset class: FX Hedging.
    Asset region: Global.
    Size: Mandate size of CHF 1.5 bn.
    Closing date: 2019-08-09.

  • QN-2557

    Asset class: All/large Cap Equities.
    Asset region: China A-shares.
    Size: Unit linked platform (0m USD in initial investment).
    Closing date: 2019-08-01.

Begin Your Search Now