The acquisition builds on the existing relationship between the two firms since 2018, when the two formed a joint venture partnership, following Places for People’s acquisition of Igloo Regeneration Fund’s JV holdings and development pipeline.

The deal will allow the new combined business to grow, thanks to the introduction of new investors and schemes, according to a statement.

Following the transaction, igloo and its investment management business will continue to operate as a separate business structure within PfP Capital.

Igloo’s founder and sole shareholder Chris Brown will step down as chair of the organisation and remain onboard in an advisory capacity.

All other existing Igloo directors and personnel will remain unchanged.

PfP Capital’s finance director, John Tatham, and placemaking and investment director Alex Notay will join the igloo board as non-executive directors.

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PfP Igloo, the joint venture partnership between PfP Capital and Igloo, will continue working on its development portfolio of more than 500 existing homes, with further plans to deliver 500 more homes for sale and rent, as well as 300,000 sq ft of commercial space.

John said the acquisition made “perfect sense” in the face of growing demand for PfP Capital’s placemaking and community building capabilities.

“We have worked closely with igloo since 2018, so its integration into PfP Capital increases our in-house capability to do more together,” he said.

Peter Connolly, CEO at Igloo, added: “This is an exciting moment for igloo and a real opportunity to take our business to the next level and deliver more great projects and places.

“There will be no changes to igloo’s purpose and principles, our B-Corp status will not be affected, and we will continue to deliver projects using our footprint methodology, as we have for the last 21 years.

“I know I speak for everybody at Igloo when I say that we are genuinely excited by the new opportunities that this opens up, and we see this as a great chance to take our purpose driven product to market across the UK.”