Places for People acquires Igloo Fund’s share of BIGG Regeneration
Places for People has acquired 50% of a regeneration partnership which delivers sustainable homes and manages significant work space in Scotland.
Sustainable regeneration specialist igloo Regeneration Ltd announced yesterday that the housing association has completed a deal for half of BIGG Regeneration, a joint venture (JV) between the Igloo Fund, managed by Aviva Investors, and Scottish Canals.
Places for People will acquire the Igloo Fund’s share of the joint venture following its purchase of the assets of the wider igloo Regeneration Partnership Fund, as well as the fund’s JV holdings and ongoing property interests.
Established in 2012, the BIGG Regeneration JV, working in partnership with Glasgow City Council, has been a catalyst for the improvement of several local areas, such as Port Dundas in Glasgow, helping to bring forward positive transformation of the neighbourhood into a place now recognised as a home for cultural and creative industries and urban sports pioneers.
The deal will help to accelerate the development of a number of ongoing and future BIGG schemes across Scotland, including the next phase of Maryhill Locks, a collection of 33 sustainably built waterside homes in north Glasgow.
Previous phases at Maryhill Locks have received several accolades including being named Best Starter Home at the Scottish Housing Awards 2017. Places for People’s acquisition will drive forward the fourth phase, starting on-site in May, which comprises 33 new three and four-bedroom family homes, all benefitting from access to nearby river-side and parkland.
As part of the deal, the existing BIGG team will continue to deliver and manage its ongoing and future projects.
Katie Hughes, director of estates and commerce at Scottish Canals, said: “We’re delighted to be partnering with Places for People to deliver the next step in the ongoing transformation of North Glasgow.
“From the thriving cultural quarter around The Whisky Bond and the urban playground at Pinkston Basin, to sustainable housing in Maryhill, we’ve already delivered some vitally-important projects along the Glasgow Canal. We look forward to working alongside Places for People to continue to deliver lasting positive change for the city and local communities.”
Gary Watt, development manager at igloo, said: “The projects already delivered by BIGG Regeneration, in partnership with Glasgow City Council, including Maryhill Locks, have proved popular, picking up multiple awards and proving popular with buyers looking for urban living family homes as an alternative to the suburbs.
“The deal with Places for People will allow us to drive forward more schemes that have a positive impact on north Glasgow and its canal side communities; delivering homes which have been designed and constructed with the long-term in mind, for both people and planet.”
Commenting on the acquisition, Chris Jones, managing director at Place for People Capital, said: “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.”