Aviva and Persimmon participate in fundraising round to build out modular homes

Aviva and Persimmon are participating in a £70 million ($87 million) funding round to support TopHat in its buildout of Europe’s largest modular homes facility.

The new 650,000-square-foot cutting-edge facility will be based in Corby, Northants, and will use precision engineering techniques to create 4,000 homes per year.

Aviva Capital Partners, Aviva’s new in-house capital unit, seeks to bolster its sustainable community strategy through the investment. Persimmon aims to complement its existing Space4 timber frame product and drive further build efficiencies while expanding its product offering to customers.

Existing shareholder Goldman Sachs Asset Management also subscribed to the fundraising round, according to news reports.

“It has been clear for some time that designing and building green, beautiful homes in factories is a critical part of solving the housing crisis — and today’s announcement will enable TopHat to reach the scale where the