HAB Housing, the eco-minded property development firm run by television personality Kevin McCloud, has launched an IFA Bond with a view to raising £50m to fund “ambitious” expansion plans.
The developer dabbled in such matters earlier this year, raising £3m via a “friends and family mini-bond”. Now, its scaling up with the full-fat launch of HAB Capital Plc.
The bond aims to raise an initial £8-10m to fund HAB’s 161-unit Elderberry Walk project in Bristol, which starts construction later this year. A total fundraise of £50m is being targeted over the next 12 months “to facilitate the acquisition of land, and the development and construction of sustainable housing projects in the South West and South East of England”. If all goes to plan, the moneys should be able to deliver around 600 new sustainable homes each year.
HAB, which celebrates ten years in business this year, was recently selected as one of the Housing and Communities Agency’s DPP3 property development partners.
Kevin McCloud, Chairman and Founder of HAB: “I’m very excited to launch the IFA bond hot on the heels of our successful crowd-funded mini-bond. It’s a great opportunity for us to deliver against our sustainability objectives and become a truly triple bottom line business – creating measurable social, environmental and sound financial profits.
“Our innovative approach to fundraising will also help us achieve our five-year vision to build 600 new homes per year, combat the UK housing crisis, and challenge the way volume housing is designed and delivered.”
Simon Bullock, HAB’s CFO: “HAB’s five year vision is to be building 600 homes per year. That’s a tenfold increase on our current builds, and we are launching this IFA Bond in order to achieve that. As a small house builder with pride in what we do, we hope the Bond will enable us to continue building sustainable homes that people love to live in.”
Elderberry Walk in pictures
Details of HAB’s IFA Bond are here