Funds advised by Octopus Investments, part of Octopus Group, have acquired a majority shareholding in independent UK housebuilder Elivia Homes from Cheyne Capital.
Elivia Homes, formerly Vanderbilt Homes, has becoming a major housebuilder in the south east in recent years.
Since it first invested in the firm in 2014, Cheyne has helped support the firm more than double its number of homes, backed its management team and sourced finance. That in turn enabled Elivia to recently acquire Crayfern Homes.
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.'
The Octopus team have a long-term strategy in place to continue Elivia’s growth, with the aim of transforming it into a £250 mln (€293 mln) turnover business, delivering over 600 design-led and sustainable homes in aspirational locations per year.
Ravi Stickney, managing partner and CIO of Cheyne Capital Real Estate, added: '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.
'We are confident that the Octopus team will continue this strong momentum and support the next stage of Elivia’s growth. We wish both them and everyone at Elivia all the best for the future.'
