PfP Capital seals the deal to buy Igloo
PfP Capital, the social value and ESG-focused real estate fund manager of £5bn social enterprise Places for People, has acquired development manager Igloo Regeneration.
PfP Capital and Igloo have been working together since 2018, as joint venture PfP Igloo, with investment from Places for People.
The partnership will continue to deliver its development portfolio of more than 500 existing homes and plans to deliver a further 500 homes for sale and rent, as well as more than 300,000 sq ft of commercial space.
PfP Capital, the social value and ESG-focused real estate fund manager of £5bn social enterprise Places for People, has acquired development manager Igloo Regeneration.
PfP Capital and Igloo have been working together since 2018, as joint venture PfP Igloo, with investment from Places for People.
The partnership will continue to deliver its development portfolio of more than 500 existing homes and plans to deliver a further 500 homes for sale and rent, as well as more than 300,000 sq ft of commercial space.
The joint venture partnership was formed following Places for People’s acquisition of the Igloo Regeneration Fund’s joint venture holdings and development pipeline.
PfP Capital’s acquisition of Igloo will enable the new, combined business to build on the strength of the relationship with new investors and innovative new schemes.
As part of the acquisition, Igloo’s founder and sole shareholder to date, Chris Brown, will step down as the company’s chairman and move to an advisory role.
Brown said: “The Igloo team has achieved miracles over the past two decades. People thought we were mad trying to be a regeneration developer that reduced climate damage and delivered social progress.
“PfP, under its new management, with a strong social purpose and balance sheet, is an ideal owner for the next stage in Igloo’s adventure.”
All other existing Igloo directors and personnel will remain unchanged, with John Tatham, PfP Capital’s finance director, and Alex Notay, PfP’s placemaking and investment director, joining the Igloo board as non-executive directors.
Tatham, said: “We have worked closely with Igloo since 2018, so its integration into PfP Capital increases our in-house capability to do more together. Igloo is fully aligned to our core principles of responsible investment, so the acquisition makes perfect sense when you consider that we have growing demand for our placemaking and community building capabilities.”
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Photo: Steenberg’s Yard, Newcastle © PfP Capital
