Monday, November 29, 2021
Real EstateUK

Property developer hails new £10 million funding package

funding homes

The HGP has announced that Briar Homes is to become one of the first UK housebuilders to be supported by its regional growth initiative

A Scottish housebuilder has hailed a new £10 million funding package to provide hundreds of “much-needed” new homes.

Social impact investor the Housing Growth Partnership has announced that Briar Homes is to become one of the first UK housebuilders to be supported by its regional growth initiative which forms part of the company’s newly created £300m property fund.

The fund is a four-year commitment that will see HGP investing up to £10m of equity alongside Briar, targeting new sites for family housing in locations across central Scotland, with particular focus on Glasgow and surrounding commuter belt.

Colin Bennett, HGP investment director for Scotland, said: We are delighted to support regional housebuilders like Briar Homes, which have the ambition to provide much-needed new homes and also to give those searching for a new property more options beyond a market dominated so heavily by PLC housebuilders.

HGP has provided Briar with equity investment of £3.6m since 2016 across two development schemes, delivering more than 100 units and assisting with the company’s ambitious growth plans.

With the implementation of the funding partnership, HGP aims to support the development of up to a further eight sites and over 400 new homes.

Paul Kelly, managing director of Briar Homes Ltd, said: The support we have received by working in partnership with HGP over the past four years is key to our continued growth. We are delighted to be signing up as their first ‘Regional Growth Initiative’ partner in Scotland, with an initial £10m funding commitment over the next four years. This allows us to focus on building high quality, architect-designed homes in sought after locations.

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