PfP Capital acquires development manager
Real estate fund manager PfP Capital, which is part of £5bn social enterprise Places for People, has acquired development manager igloo Regeneration, in a deal which sees the two long-partnered firms permanently under one banner.
PfP and igloo have been working together since 2018 as part of a joint venture, following Places for People’s acquisition of the igloo Regeneration Fund’s joint venture holdings and development pipeline.
The real estate fund manager says the acquisition will enable the combined business to build on the strength of the relationship with new investors and new schemes.
As part of the deal, igloo’s founder and sole shareholder to date, Chris Brown, will step down as igloo Chair, and move to an advisory role. PfP says all other existing igloo directors and personnel will remain unchanged, while John Tatham and Alex Notay from PfP Capital join the igloo Board as non-executive directors.
Finance director of PfP Capital, John Tatham, said: “We have worked closely with igloo since 2018, so its integration into PfP Capital increases our in-house capability to do more together. igloo is fully aligned to our core principles of responsible investment, so the acquisition makes perfect sense when you consider that we have growing demand for our placemaking and community building capabilities.”
PfP says igloo and the igloo Investment Management business will continue to operate as a separate business structure within PfP Capital.