April 23, 2024 – HarperCrewe – a UK housebuilder led by experienced industry operator Adrian Bloor – today announced that it has received a significant strategic investment from TPG Angelo Gordon and Ridgeback Group (“Ridgeback”).
This investment marks an expansion of TPG Angelo Gordon and Ridgeback’s focus on the UK residential sector, as together the pair has previously acquired nine UK build-to-rent assets with gross development value in excess of £800 million.
Founded by Adrian Bloor – former CEO of the largest privately-owned housebuilder in the UK, Bloor Homes – HarperCrewe’s differentiated partnership model with national landowners, corporates, and landed estates (such as the 88,000-acre Welbeck Estate, Duchy of Lancaster, and Bathurst), has enabled the
company to amass an initial land portfolio of over 3,000 plots since inception in 2022. The company will use this investment from TPG Angelo Gordon and Ridgeback to grow its existing landbank and scale the delivery of homes at pace. Moving forward, HarperCrewe is targeting an eventual delivery of over 1,000 homes per annum. The company’s product range will encompass for-sale, rental, and affordable housing tenures, with all homes targeting ultra-sustainable EPC A ratings.
Headquartered in Warwick, HarperCrewe recently opened another regional office in Nottingham and plans to open additional regional offices in alignment with its continued expansion over time.
“Consolidation in the UK plc housebuilding sector is creating a path for new entrants that are committed to doing things differently,” said Adrian Bloor, Founder and CEO of HarperCrewe. “Our partnership model is a unique proposition and genuine alternative to the typical approach of a listed housebuilder. From our regional offices in Warwick and Nottingham, our dealmaking capabilities take us straight to the source of off-market land with landowners that are looking to leave an enduring legacy.”
Mike Diana – Managing Director, Europe Real Estate at TPG Angelo Gordon – said, “Our investment in HarperCrewe is underpinned by our belief that this is a highly scalable business that has a differentiated approach to housebuilding and serves a fundamentally undersupplied market. With a best-in-class homebuilder in Adrian Bloor and Ridgeback’s operational expertise, together, we believe we
are well-positioned to execute on this significant opportunity in the UK and address the demand for new homes therein.”
George Bossom – Partner at Ridgeback – added, “We’re excited to enter into this latest joint venture with TPG Angelo Gordon, which represents a timely expansion of our collective focus on housing in the UK. We look forward to working with the HarperCrewe team, leveraging our operational capabilities and expertise to support them as they continue to grow and deliver on their commitment to building much needed homes across a variety of housing tenures.”
