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Goldman Sachs invests £75m in offsite house builder
American investment bank Goldman Sachs has announced plans to invest £75m in modular housing manufacturer TopHat.
The funds are to be used to expand and scale up the business which, according to TopHat, is developing processes to help digitalise the construction sector.
Goldman Sachs is a major investor in property, including residential and commercial, but this is its largest investment in the modular housing sector.
The South Derbyshire-based firm TopHat is currently working on its first scheme, which will see 300 homes built at the disused Kitchener Barracks in Chatham, Kent. It will be open for residents in the second quarter of 2019.
Homes England welcomed the move, with Gordon More, its chief investment officer, saying that investment like the one from Goldman Sachs is crucial if the offsite sector is to grow its capacity.
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Jordan Rosenhaus, chief executive at TopHat, said: “We are incredibly excited to have Goldman Sachs as an investor in TopHat. This transaction is a sign of the tremendous progress TopHat has made since it was established and the significant market opportunity in the housing and digital construction sectors in the UK.”
Tavis Cannell, managing director at Goldman Sachs, said: “TopHat’s technology-driven approach has the potential to make a significant impact on the UK’s housing shortage.
“Their speed, efficiency and high standards make them uniquely positioned to drive critical change in the way the industry currently operates and improve the housing supply chain. We look forward to supporting their continued growth.”