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Tue May 21 2024

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Investors back Bloor junior

24 Apr Adrian Bloor, son of the founder-owner of Bloor Homes, has secured big-money support for his new house-building venture.

The Steadings, a HarperCrewe development in Cirencester, is under construction
The Steadings, a HarperCrewe development in Cirencester, is under construction

Adrian Bloor set up HarperCrewe in 2022 with ambitions to “do things differently”.  He has now secured “a significant strategic investment” from US real estate platform TPG Angelo Gordon and London investment firm Ridgeback Group.

This investment, reported to be more than £200m, marks an expansion of TPG Angelo Gordon and Ridgeback’s focus on the UK residential sector, as together the pair has previously acquired nine UK build-to-rent assets with gross development value in excess of £800m.

HarperCrewe’s partnership model with national landowners and landed estates (such as the 88,000-acre Welbeck Estate, Duchy of Lancaster and Bathurst), has enabled the company to amass an initial land portfolio of more than 3,000 plots in its first two years.

The company plans to use the investment from TPG Angelo Gordon and Ridgeback to grow its landbank and get building. HarperCrewe is targeting an eventual delivery of more than 1,000 homes a year, spanning private sale, build-to-rent and affordable housing tenures.

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Headquartered in Warwick, HarperCrewe recently opened a regional office in Nottingham and plans to open additional regional offices as it grows.

 “Consolidation in the UK plc house-building sector is creating a path for new entrants that are committed to doing things differently,” said Adrian Bloor. “Our partnership model is a unique proposition and genuine alternative to the typical approach of a listed house-builder. From our regional offices in Warwick and Nottingham, our dealmaking capabilities take us straight to the source of off-market land with landowners that are looking to leave an enduring legacy.”

Mike Diana, managing director, Europe real estate at TPG Angelo Gordon, said, “Our investment in HarperCrewe is underpinned by our belief that this is a highly scalable business that has a differentiated approach to housebuilding and serves a fundamentally undersupplied market. With a best-in-class homebuilder in Adrian Bloor and Ridgeback’s operational expertise, together, we believe we are well-positioned to execute on this significant opportunity in the UK and address the demand for new homes therein.”

Ridgeback partner George Bossom, who joined the board of HarperCrewe last year, added: “We’re excited to enter into this latest joint venture with TPG Angelo Gordon, which represents a timely expansion of our collective focus on housing in the UK. We look forward to working with the HarperCrewe team, leveraging our operational capabilities and expertise to support them as they continue to grow and deliver on their commitment to building much needed homes across a variety of housing tenures.”

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