Housing Growth Partnership funds Midlands resi schemes

Lloyds-backed equity investor Housing Growth Partnership has invested £17.7m across seven housing schemes in the Midlands to fund the development of 557 homes. HGP’s investment, alongside a diverse mix of established, local housebuilders, will enable the delivery of for-sale and for-rent apartments and houses across the Midlands region. The schemes, are scheduled to be completed between Q3 2024 and Q4 2025. They include housebuilder Snowden Homes retrofitting the former St. Mary’s Hospital in Melton Mowbray, Leicestershire, to deliver 41 houses and four apartments. In Birmingham city centre 37 and 166 apartments will be built, respectively with Rainier Developments (scheme pictured) and 10M. In Leicester city centre, they will fund 171 build-to-rent apartments with Monk Estates, and 21 homes in Sutton, Bedfordshire, representing a second transaction with Cora Homes. HGP has also funded 47 new homes in Tansley Gardens for Stancliffe Homes and the land purchase for 70 new homes in Derbyshire in partnership with Cora Homes. HGP investment director for the Midlands Mike Murphy said: “Against a restrictive debt financing backdrop, the requirement from regional UK developers for funding solutions that enable them to grow their businesses and accelerate housing delivery has never been more acute. “We have significant ambitions in the Midlands to continue expanding into different tenures. At the same time, these investments are aligned with our commitment to funding schemes that are delivering demonstrable environmental and social value.” To send feedback, e-mail akanksha.soni@eg.co.uk or tweet @AkankshaEG or @EGPropertyNews