HGP invests £17.7m of equity to fund the delivery of 557 new Midlands homes

Housing Growth Partnership (HGP) has invested £17.7m of equity across seven housing schemes in the Midlands so far this year, enabling the accelerated delivery of 557 apartments and houses across the region.

The development will consist of both BTR homes and for sale.

The schemes — scheduled to complete between Q3 2024 and Q4 2025 — include: 

  • a retrofitting of the former St. Mary’s Hospital in Leicestershire, delivering 41 houses and four apartments, alongside Snowdown Homes
  • some 37 and 166 apartments in Birmingham city centre, with Rainier Developments and 10M respectively 
  • in Leicester city centre, 171 BTR apartments, alongside Monk Estates
  • a second transaction with Cora Homes to build 21 homes in Sutton, Bedfordshire
  • some 47 new homes in Tansley Gardens, alongside Stancliffe Homes
  • land purchase for c. 70 new homes in Derbyshire, in partnership with Cora Homes

The Midlands is a key region for HGP, which has been partnering with SME housebuilders since 2016.

HGP has provided c. £37m of equity funding across 20 schemes in both the East and West Midlands to date, of which over £26m has been invested over the past two years.

Mike Murphy, investment director for the Midlands at HGP, 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 which are delivering demonstrable environmental and social value.”

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