Funding deal will lead to £12m-worth of housing construction
TGF Capital has agreed a long-term joint venture with Hassett Homes that will see it provide the equity and arrange the senior debt to support current and future site acquisitions for the emerging Liverpool-based housebuilder.
The deal will enable the developer, led by managing director Jamie Blennerhassett, to complete on three sites in the Liverpool region that will deliver more than £12m of new homes.
Work will commence on the first site in September.
Mr Blennerhassett said: “There are unique opportunities in the land market presently and our tie up with TGF Capital will enable us to capitalise on them and scale up.
“Market fundamentals remain strong and, whilst the impact of COVID-19 cannot be underestimated, the underlying strengths of the housing market are such that we expect demand and sales to remain buoyant.”
Steven Peck of Liverpool-based TGF Capital, which is part of the group of companies that includes Tower Grange Finance, says both businesses are looking forward to a long-term relationship.
“We see the opportunity for a strategic partnership here that can deliver on the ambitions of various local authorities in the North West for housing growth.
“Hassett Homes has a number of house types that provide outstanding value and design at each given price point and we see the company as a disruptor brand in what is a quite traditional sector.”
Peck confirmed that discussions were ongoing to form a joint venture board between the two organisations.