ESG-focused real estate fund manager PfP Capital and Housing Growth Partnership, an equity investor with a social impact remit backed by Lloyds Banking Group, have announced a joint venture which will deliver residential-led, urban communities across the UK.
Targeting the construction of up to 1,200 highly sustainable homes, with a Gross Development Value of £390 mln (€443 mln), the JV is being launched to tackle declining new home delivery, ageing stock and ongoing under investment in the UK regions.
Housing Growth Partnership and PfP Capital will both commit equity into the JV, which will focus on developing individually designed urban communities, centred around high quality homes across an initial 10 major UK regional city sites, over the next 3-5 years.
igloo Regeneration, the BCorp developer acquired by PfP Capital in January, will be responsible for developing the schemes.
The first scheme to be brought forward is the initial phase, totalling 78 townhouses, of a 400-home development at Dundashill, in Glasgow. The development, a mix of two- three- and four-bedroom homes for sale, will be highly sustainable across the design, construction and operational stages, being of panellised modular construction with materials sourced from the local area. 80% of the low energy properties will target an EPC A rating, with additional features including photovoltaic roof panels, as well as air source heat pumps and EV enabled parking. A cycle path, linking the site to Glasgow city centre, will encourage healthy living habits and improve accessibility.
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.'
