Ilke Homes signs £31m deal for 227 modular homes
Ilke Homes is to build 227 new modular homes in Grantham, after it signed a £31m deal with an institutional investor.
Ilke will deliver the factory-built homes to a 6-hectare site subject to planning permission, following the deal with investment management firm Man GPM.
Of the 227 homes, 140 will be made available at affordable rent levels, 47 for shared ownership and 40 homes will be for private sale at market value.
Man Group will act as developer on site, while ilke Homes will manufacture the homes offsite at its 230,000 sq m factory in Yorkshire. Once complete, the modular housing company will transport the homes to the site in Grantham.
Matthew Bench, executive director of partnerships at ilke Homes, said: “It’s a huge vote of confidence in MMC from the institutional marketplace and it’s fantastic that Man GPM are spearheading that investment.”
“Our accredited, digitally-led method of delivery continues to significantly reduce construction timelines, typically by half when compared to traditional methods, helping investors access revenue streams at the earliest possible point. Being able to meet institutional ESG aspirations and aligning ourselves with the shift of the investment market to single family housing further underpins our near 200% growth seen this financial year.”
Ian Jackson, investment director, Community Housing at Man GPM, said: “We’re delighted to have completed our first investment in modular housing with ilke Homes, and one of the largest investments in modular housing in the United Kingdom to date. The overall design and quality of the homes should deliver not just high quality, energy-efficient affordable housing, but a community for families to call their own. We aim to deliver more affordable homes using modular construction, which we believe is a great housing product, and the future of the residential housing industry.”