29th March 2019
Neighbourhood regeneration and build-to-rent specialist Placefirst has received £29m of additional funding from long-term backer ESO Real Estate.
The Manchester-based business will use the money to expand out of the North West and North East and target projects in Scotland, the north and the Midlands.
ESO has been a major stakeholder in Placefirst since 2016 when it gave the business £25m to develop 1,000 homes. The business now has more than 4,000 homes in the pipeline.
ESO head of real estate David Christie said: “With the support of our committed capital facility, Placefirst has accessed more deals and executed its business plan more effectively, delivering more value and homes.”
Last week, Placefirst revealed designs for a £27.5m, mixed-use Bolton scheme (pictured), comprising 200 homes, 15,000 sq ft of offices and shops.
Placefirst managing director David Smith-Milne added: “More and more families rely on the private rented sector for housing. We are pleased to expand our development facility with ESO.”