Ingenious provides £18.9m development finance loan for Eutopia Homes in Exeter

• Eutopia Homes also sign a pivotal build contract with Living Heritage, underscoring its commitment to delivering essential housing solutions for Exeter
• Project is set to bring 92 new build residential units to fruition, aiming for completion by late 2025.

London, UK – Ingenious today announces that Ingenious Real Estate has closed a new 27-month £18.9m development funding facility with housing developers, Eutopia Homes, with joint venture partner Housing Growth Partnership (HGP). Eutopia Homes has signed a building contract with Living Heritage, the contracting arm of the Gr8Space group, illustrative of the firm’s commitment to delivering quality new housing in Exeter.

The project aims to bring 92 residential units to the market, contributing to the city’s active housing market and enriching the choice and standard of living for its residents. With enabling works already underway, the primary construction phase is scheduled to commence in March 2024, aiming for completion by late 2025.

We are delighted to be working with Eutopia Homes on their exciting Isca Gardens project in Exeter. In providing debt funding, we are excited to see the journey towards the delivery of 92 high-quality, efficient, and affordable homes.  We continue to see growth and performance in the developments we support. Our team is continuing to expand in both size and expertise and we remain confident and committed to supporting the UK residential real estate sector and providing flexible funding solutions to great projects and great teams.

An integral aspect of this development is incorporating 18 ‘Affordable Private Rental’ units tailored for the city’s key workers. This innovative initiative not only addresses the acute housing demand among essential personnel but also represents a pioneering venture for Exeter. Distinguished by its sustainable ethos, the development will showcase a car club, electric charging points, and substantial cycling infrastructure. Moreover, the project includes financial contributions to support the establishment of a new cycle highway, reinforcing Eutopia Homes’ commitment to fostering sustainable communities.

Tom Brown

Managing Director at Ingenious Group

We are delighted to close the funding and award the construction contract for our second Exeter scheme. This purpose-built rental product, designed with residents’ interests in mind, aligns perfectly with our vision. Our inclusion of affordable market rental units for key workers underscores our commitment to addressing pressing needs in the city.

Scott Hammond

CEO at Eutopia Homes

Employing modern construction methodologies, Eutopia Homes will collaborate closely with Living Heritage to reduce waste and streamline delivery efficiency. The implementation of lightweight gauge steel (LGS) combined with off-site production will significantly enhance the project’s Environmental, Social, and Governance (ESG) performance while minimising its ecological footprint. The development will also integrate solar panels on the roof and air source heat pumps, promoting cleaner and greener living for future residents.

We are thrilled to reach this milestone with Eutopia Homes. This project will bring much-needed new rental stock to Exeter, transforming the Exmouth Junction area. Our support for this high-quality and sustainable development resonates with Exeter City Council’s ambition to achieve net-zero emissions by 2030.

John McKeon

Investment Director at HGP

The Ingenious Real Estate team has extensive experience providing senior debt and capital to experienced mid-market developers in the residential, commercial and mixed-use sectors partnering with a range of commercial relationships built up over many years.

ENDS

Notes to Editors

For more information, please contact:

Jamie Brownlee / Thomas Lodge / Gabriela Sarosiek

Greentarget (for Ingenious)

+44 20 3963 1889

ingenious@greentarget.co.uk

This document is a press release for information only and is not to be distributed to retail clients. Ingenious is a trading name of Ingenious Capital Management Limited, which is authorised and regulated by the Financial Conduct Authority under Firm’s Reference Number 562563.

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