Octopus Investments buys Cheyne Capital’s Elivia Homes

Cheyne Capital has sold its majority stake in housebuilder Elivia Homes to funds advised by Octopus Investments for an undisclosed sum. Octopus said it has a long-term strategy in place to continue Elivia’s growth, with the aim of transforming it into a £250m business, delivering more than 600 homes a year. Cheyne Capital invested in Elivia Homes, formerly Vanderbilt Homes, in 2014. Elivia was launched in April 2022 when it merged Vanderbilt with Crayfern Homes. Rob Turner, of Cheyne Capital Real Estate, said: “A key tenet of Cheyne’s real estate strategy has been to provide flexible finance solutions to housebuilders delivering high-quality homes in areas with a severe shortage of supply. “This investment is a perfect example of this and the results are a testament to what can be achieved through the application of deep expertise and dedicated partnership.” In the past four years, Elivia has more than doubled its number of homes. In 2020, Vanderbilt Homes turned over £64m and recorded a £5.5m profit. Ravi Stickney, Cheyne Capital managing partner and chief investment officer, said: “We are very proud of what has been achieved in our eight-year journey with Elivia Homes. “This has not been an easy environment for SME housebuilders but together we have navigated the challenges posed by such major geopolitical issues as Brexit, the Covid-19 pandemic and, most recently, the outbreak of war in Ukraine, and, despite this tumult, the business has emerged stronger than ever. “We are confident the Octopus team will continue this strong momentum and support the next stage of Elivia’s growth.” To send feedback, e-mail akanksha.soni@eg.co.uk or tweet @asoni7185 or @EGPropertyNews