Places for People acquires Aviva-managed Igloo regeneration fund

By James Wallace - Thursday, May 10, 2018 10:06

Places for People, the regeneration company which manages 195,000 homes and 120 leisure facilities in the UK, has acquired the assets of the Igloo Regeneration Partnership Fund as well as the fund’s joint venture property interests.

The Igloo Regeneration Partnership Fund is managed by Aviva Investors.

Places for People will acquire, inter alia, 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 JV with Scottish Canals. PfP Capital will act as the investment manager with igloo Regeneration Ltd retaining its role as development manager.

Over the past 17 years, £300m has been invested, including in eco-friendly homes and commercial space at The Malings, Newcastle and a mix of contemporary, low energy homes at Trent Basin, Nottingham.

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 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.”

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.”

Andrew Appleyard, senior director, Aviva Investors, said: “The fund has delivered some very successful sustainable regeneration projects over the past 17 years, with the fund life ending the disposal assets to Place for People is a good outcome as the legacy can continue.”

James Wallace is a freelance consultant and can be reached via Linkedin or email: jawallace32@gmail.com

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