Places for People to acquire UK-wide property portfolio
Places for People has struck a deal to acquire Igloo Regeneration Partnership Fund to acquire UK-wide property portfolio
Places for People has struck a deal with Igloo Regeneration Partnership Fund to acquire a UK-wide portfolio of assets. The acquisition comprises the initiative’s joint venture (JV) holdings and ongoing property interests, including 50 per cent of the Blueprint Regeneration Partnership and 50 per cent of BIGG Regeneration.
PfP Capital will retain its role as development manager and act as the investment manager with Igloo Regeneration.
Included in the deal is The Malings and options on four other sites in Newcastle, Trent Basin in Nottingham, Maryhill Locks in Glasgow, the Ironworks in Leeds and Heartlands in Trevenson Park, Cornwall.
Places for People’s takeover marks the beginning of the Igloo Regeneration Partnership Fund’s second phase, with the scheme first launching in 2001. Over the past 17 years, £300m has been invested, resulting in multiple developments across the UK.
Managing director at PfP Capital, Chris Jones said that this is an exciting opportunity to partner with such an experienced team at Igloo and further strengthen its position as a leading responsible real estate fund manager across a variety of housing tenures. He added that Igloo shares its commitment to sustainable development and creating lasting, vibrant communities and PfP looks forward to working with them, and the other partners, to deliver these exciting schemes.
Chief executive at Igloo, Peter Connolly added that they have a strong pipeline of projects and now that the partnership with Places for People is in place, it can accelerate delivery and expand its operations.
He further said that what they have achieved to date through working with Aviva Investors has enabled some truly transformative projects to become a reality, creating not just new homes and commercial space, but distinct, vibrant and ultimately sustainable, communities. They are now actively seeking further investment so that they can open up more opportunities for development that are for the good of people, place and planet.