5th February 2016
HGP: The £100m partnership is seeking to deliver 2000 homes
Langham Hall has been appointed as onshore accountant and administrator to the £100m Housing Growth Partnership (“HGP”).
HGP is a partnership between Lloyds Banking Group and the Homes and Communities Agency (“HCA”), with each investing £50m of equity in the venture.
The HGP is aimed at helping to tackle the shortage of UK house building by providing equity backing to small residential developers. Lloyds Banking Group and the HCA hope to deliver upwards of 2,000 homes by making around 50 investments within a four-year investment period.
In a statement, Andy Hulme, Chief Executive Officer of the HGP, said: “The appointment of Langham Hall as administrator for the HGP represents another step forward in our journey to increase housing output by supporting small and mid- sized UK builders. They have an experienced accounting and administration team and we look forward to working with them as we build our portfolio.”
Langham Hall’s London office has been appointed to provide a range of accounting services including book and record keeping for the HGP entities, preparation of HGP level quarterly management accounts and investor reports, and treasury functions.
Rob Short, Managing Partner and Founder of Langham Hall, said: “We are pleased to have been selected by Lloyds Banking Group for this important mandate and to therefore play a part in an initiative designed to help alleviate the national housebuilding shortage.”
Rachael Lyon, Head of Client Services, added that Langham Hall had been selected in part because of its in-depth expertise in real estate accounting and administration as well as a detailed service level proposal that met the client’s needs.
HGP launched in July 2015 and supports residential development projects with a gross development value between £0.75 million and £35 million and offers investments in the range of £0.25 million and £5 million for each project.