PfP Capital and Housing Growth Partnership launch JV focused on urban communities

PfP Capital, the social value and ESG-focused real estate fund manager, and Housing Growth Partnership (HGP), an equity investor with a social impact remit backed by Lloyds Banking Group, have announced a joint venture to deliver residential-led, urban communities across the United Kingdom.

Targeting the construction of up to 1,200 highly sustainable homes, with a gross development value of around £390 million ($468 million), the JV will tackle declining new home delivery, aging stock and ongoing under investment in the U.K. regions.

HGP and PfP Capital will both commit equity into the JV, which will focus on developing individually designed urban communities, centered around high-quality homes across an initial 10 major U.K. regional city sites over the next three-to-five years. Leverage will be used on a scheme-by-scheme basis.

igloo Regeneration, the BCorp developer acquired by PfP Capital in January, will be responsible for developing the scheme