Places For People Buys igloo Regeneration Partnership Fund

Places for People has taken over the assets of the igloo Regeneration Partnership Fund, a socially responsible UK regeneration fund managed by Aviva Investors.

The deal will see the property management group acquire 50% of the Blueprint Regeneration Partnership, a UCIS between igloo Regeneration Partnership Fund and Nottingham City Council, as well as 50% of BIGG Regeneration, a joint venture (JV) regeneration with Scottish Canals.

As part of acquisition, igloo Regeneration will continue its role as development manager.

The partnership will help to accelerate development on a number of on-going schemes including at Nottingham Waterside, Ouseburn Valley Newcastle, Maryhill Lock Glasgow and Ironworks Leeds.

Chris Jones, Managing Director at investment manager PfP Capital, said: "This is an exciting opportunity to partner with such an experienced team at igloo and further strengthen our position as a leading responsible real estate fund manager across a variety of housing tenures.


"Igloo shares our commitment to sustainable development and creating lasting, vibrant communities and we look forward to working with them, and the other partners, to deliver these exciting schemes."

Peter Connolly, Chief Executive at igloo, said: "We have a strong pipeline of projects and now that the partnership with Places for People is in place, we can accelerate delivery and expand our operations.

"What we've 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. We are now actively seeking further investment so that we can open up more opportunities for development that are for the good of people, place and planet."

Chris Brown, Executive Chairman of igloo, added: "The announcement of the PfP Capital partnership is an exciting development for igloo continuing the pipeline of projects in the igloo Regeneration Fund, our original fund dating back to 2002, with a new funding partner who shares our purpose driven vision.

"It's great to see the superb design and modern methods of construction phase 4 of the Bigg Regeneration Maryhill project starting this week with funding from PfP Capital and Scottish Canals."

Over the past 17 years, up to £300 million has been invested in the property fund, resulting in multiple award-winning developments across the UK including eco-friendly homes and commercial space at The Malings, Newcastle and a mix of contemporary, high quality, low energy homes at Trent Basin, Nottingham.

(LM)