Places for People investment arm acquires development manager

Igloo and its investment management business will continue to operate as a separate structure within PfP Capital following the deal. 

PfP Igloo will continue to focus on its development portfolio of more than 500 existing homes and plans to deliver a further 500 homes for sale and rent. 

As part of the acquisition Chris Brown, Igloo’s founder and sole shareholder to date, will step down as chair and move to an advisory role. 

All other existing Igloo directors and staff will remain unchanged, with John Tatham and Alex Notay from PfP Capital joining the Igloo board as non-executive directors. 

Mr Tatham, finance director and board member at PfP Capital, said: “We have worked closely with Igloo since 2018, so its integration into PfP Capital increases our in-house capability to do more together. 

“Igloo is fully aligned to our core principles of responsible investment, so the acquisition makes perfect sense when you consider that we have growing demand for our placemaking and community-building capabilities.” 

Greg Reed, group chief executive of Places for People and board member of PfP Capital, said: “For a number of years, PfP Capital and Igloo have been working separately, and in partnership, to successfully create and develop communities throughout the UK.

“With Igloo now wholly part of Places for People, we’re creating a powerful force that will not only satisfy the significant demand from investors but also forge a new era of responsible development.”

Peter Connolly, chief executive of Igloo, said there will be “no changes to Igloo’s purpose and principles”.

“Our B Corp status will not be affected, and we will continue to deliver projects using our footprint methodology, as we have for the last 21 years,” he said.