Fortress Investment Group invests in modular housing manufacturer
Modular housing manufacturer ilke Homes has raised a record-breaking £100 million (€116 million/$122 million) from new and existing shareholders.
The round is being led by funds managed by affiliates of Fortress Investment Group. Existing investors TDR Capital and Sun Capital also subscribed to ilke Homes’ latest fundraising round, which was arranged by investment bank Citigroup.
The new funding will help the company to significantly scale up its operations and open a new manufacturing facility that, once operational, will increase the company’s output capacity to 4,000 homes a year, creating more than 1,000 new jobs in the United Kingdom.
The investment will also allow the company to invest heavily in automating more of its manufacturing processes to further drive productivity. This will in turn enable ilke to secure more sites and expand its “package deal” strategy, which offers full development service of land, infrastructure and homes in a rapidly