Real estate fund manager PfP Capital has acquired igloo Regeneration, one of the UK’s first real estate B-Corp accredited organisations, for an undisclosed sum.
PfP, which is part of the social enterprise Places for People, said its acquisition of igloo will enable the new, combined business to build on the strength of the relationship with new investors and new schemes.
PfP Capital and igloo have been working together since 2018 through the joint venture partnership PfP igloo formed following Places for People’s acquisition of the igloo Regeneration Fund’s joint venture holdings and development pipeline.
PfP igloo will continue to focus on its development portfolio of more than 500 existing homes and its plans to deliver a further 500 homes for sale and rent, as well as more than 300,000 sq ft of commercial space.
John Tatham, PfP Capital’s finance director and board member, said: “igloo’s integration into PfP Capital increases our in-house capability to do more together. The acquisition makes perfect sense when you consider that we have growing demand for our placemaking and community building capabilities.”
Peter Connolly, igloo’s chief executive, 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.
“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.”
Igloo’s founder and sole shareholder, Chris Brown, will step down as igloo chair, and move to an advisory role. John Tatham and Alex Notay from PfP Capital will join the igloo board as non-executive directors.
