AMA Homes secures Housing Growth Partnership investment
AMA Homes has become the first housebuilder in Scotland to secure investment from the UK government’s Housing Growth Partnership initiative.
The £100 million scheme was launched by the government and Lloyds Banking Group last year to invest between £500,000 and £5m in housing developments alongside regional builders.
Edinburgh-based AMA Homes will use £3m from the fund to complete a 34-unit townhouse and apartment development in the city’s Shandon area.
AMA Homes joint managing director, Ali Afshar, said: “We are particularly proud of this development, which has been carefully designed to ensure the aesthetics complement the existing colony style housing of the surround area.
“We’ve had a great experience in working with the Housing Growth Partnership throughout this process. The team really took the time to understand our business strategy. We welcome this investment, which will help us to accelerate our growth plans while remaining in full control of the business.”
The Housing Growth Partnership fund expects to make about 50 investments and fund the construction of 2,000 homes around the UK over the next three years.
Vic Hepburn, the partnership’s investment director for Scotland and the north-east of England, said: “The supply of housing is a key concern in relation to the UK’s long-term prosperity and small and medium-sized housebuilders are fundamental in helping to close that gap and provide much needed city centre living accommodation.
“AMA Homes is a highly experienced operator, spanning 30 years in the industry, with a passion for cutting-edge design, innovation and quality workmanship. The business has a strong track record of building high-quality developments and this investment will support the completion of the Shandon Garden development, a former brownfield site.”