Ampersand Homes 2018
In December 2018, PCP provided a term loan of GBP 20m to the United Kingdom-based land development company Ampersand Homes. The five-year asset backed loan will be used to refinance existing debt and to provide the company with expansion capital.
Ampersand Homes is a land development consultancy company that has built a portfolio of land development projects in the UK, with all projects located outside of the London area. The company develops properties from greenfield to buildable land in a process that requires a large amount of knowledge. All projects in the portfolio are in a later stage of the process and circa half of them have been granted planning permission already. In the next stage the projects will be divested to housebuilders for development purposes.
PCP believes that there is a solid demand for new housing in the UK and that Ampersand Homes’ management, with their long experience and strong operational track record from land development in the UK, can play an important role in providing buildable land to the UK housebuilders.