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House builder targets 1,000 homes a year after securing £200m+ investment
A house builder is aiming to develop 1,000 homes a year after it secured an investment of more than £200m.
Warwick-based builder HarperCrewe received the funding from private equity firm TPG Angelo Gordon and build-to-rent investor and developer Ridgeback Group.
HarperCrewe was established in 2022 and is led by Adrian Bloor, former chief executive of large house builder Bloor Homes.
It has amassed a landbank of 3,000 plots through its “differentiated partnership model”, which involves working with national landowners, corporates and landed estates such as the 88,000-acre Welbeck Estate, Duchy of Lancaster and Bathurst.
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HarperCrewe will use the investment from TPG Angelo Gordon and Ridgeback to grow its existing landbank and scale the delivery of homes. It is targeting an “eventual delivery” of 1,000 homes a year.
The company’s product range will encompass for-sale, rental and affordable housing tenures, with a target of Energy Performance Certificate Band A for all homes.
TPG Angelo Gordon and Ridgeback have previously made joint investments in UK housing, including buying nine build-to-rent developments.
Mr Bloor, founder and chief executive of HarperCrewe, said consolidation in the UK housebuilding sector was “creating a path for new entrants that are committed to doing things differently”. In February Barratt, the UK’s biggest house builder, agreed a £2.5bn deal to buy its rival developer Redrow.
He continued: “Our partnership model is a unique proposition and genuine alternative to the typical approach of a listed house builder. 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 Europe 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.”
George Bossom, partner at Ridgeback, said: “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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