Places for People acquires ‘world first’ property fund from Manchester-based igloo

Property company Places for People has acquired the assets of the igloo Regeneration Partnership Fund, managed by Aviva Investors, from Manchester-based igloo Regeneration Ltd.

The deal encompasses the fund’s joint venture (JV) holdings and ongoing property interests, including 50% of the Blueprint Regeneration Partnership, a UCIS between igloo Regeneration Partnership Fund and Nottingham City Council.

The acquisition has also given Places for People a 50% slice of BIGG Regeneration, a JV with Scottish Canals.

PfP Capital is the appointed investment manager, with igloo Regeneration Ltd continuing in the role of development manager.

The deal marks the start of a second phase for the fund, which launched in 2001. The United Nations once described it as ‘the world’s first socially responsible property fund’.

It has seen £300m invested to date in developments across the UK.

igloo chief exec Peter Connolly said: “We have a strong pipeline of projects and now that the partnership with Places for People is in place, we can accelerate delivery and expand our operations.

“What we’ve achieved to date through working with Aviva Investors has enabled some truly transformative projects to become a reality, creating not just new homes and commercial space, but distinct, vibrant and ultimately sustainable, communities.”

He added: “We are now actively seeking further investment so that we can open up more opportunities for development that are for the good of people, place and planet.”

PfP Capital’s managing director, Chris Jones, commented: “This is an exciting opportunity to partner with such an experienced team at igloo and further strengthen our position as a leading responsible real estate fund manager across a variety of housing tenures.

“Igloo shares our commitment to sustainable development and creating lasting, vibrant communities and we look forward to working with them, and the other partners, to deliver these exciting schemes.”

Andrew Appleyard, senior director at Aviva Investors, said: “The fund has delivered some very successful sustainable regeneration projects over the past 17 years, with the fund life ending the disposal assets to Place for People is a good outcome as the legacy can continue.”