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Wed May 29 2024

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Hedge fund backs prefabs for Grantham estate

3 Dec 20 Investment management firm Man Group has signed a £31m deal with modular housing company Ilke Homes for 227 factory-built homes.

Factory-produced Ilke Homes units
Factory-produced Ilke Homes units

Ilke says that the deal is 2020’s biggest institutional investment in modular housing.

Man GPM is funding the development of a 14.6-acre site in Grantham, Lincolnshire, that has detailed planning consent for 227 homes.

Of the 227 factory-built homes being delivered, 140 will be made available at affordable rent levels, 47 for shared ownership and 40 homes will be for private sale at market value.

Man Group is acting as developer for the Dysart Road site; Ilke Homes will manufacture the homes offsite in its factory in Knaresborough, North Yorkshire.

Matthew Bench, executive director of partnerships at Ilke Homes, described the deal as “a huge vote of confidence” in offsite construction from the institutional marketplace. “It’s fantastic that Man GPM are spearheading that investment,” he said.

Ian Jackson, Man GPM investment director for community housing, said: “We aim to deliver more affordable homes using modular construction, which we believe is a great housing product, and the future of the residential housing industry.”

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