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Places for People’s investment arm launches 1,200-home JV with Lloyds-backed investor
The investment arm of housing association Places for People (PfP) has launched a £390m joint venture with a Lloyds-backed investor to build 1,200 homes.
The partnership between PfP Capital and Housing Growth Partnership, which is backed by Lloyds Banking Group, has an estimated gross development value of £390m.
Both partners will commit equity to the deal, which will focus on an initial 10 regional cities across the UK over the next three to five years.
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Igloo Regeneration, the development manager acquired by PfP Capital in January, will develop the schemes.
The first to be completed is a 78-house development at Dundashill in Glasgow, which is the first phase of a larger 400-home scheme. Nine more Igloo sites are in the pipeline in regional cities including Nottingham and Newcastle.
PfP Capital was created by the housing association in 2017 to invest in the private rented sector. It has developed 2,500 homes across England and Scotland to date, with 1,700 under development or in the pipeline.
John Tatham, finance director at PfP Capital, said: “Through bringing together a highly established equity investor, fund manager and award-winning developer, and leveraging long-established local authority relationships, the JV will deliver tangible social value alongside competitive and stable long-term investment returns from day one.”
Rachel Miller, investment director at Housing Growth Partnership, said: “The JV reflects HGP’s ambition to support the UK’s diverse housing need through strategic partnerships with experienced developers and will see significant capital deployed into the transformation of urban brownfield sites in regional cities.”
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