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Places for People joins with Bristol-based developer for regeneration partnership
Places for People’s (PfP) fund management arm has signed an agreement with developer Cubex to be its partner on large-scale regeneration and development in the South West of England and South Wales.
PfP Capital, which was established by Places for People in 2017, will initially work with Bristol-based Cubex to bring forward development opportunities around the Frome Gateway area of Bristol city centre, but plans more developments further afield in the longer term.
PfP Capital’s objective is to create residential funds to raise equity and invest in regeneration, market sale and rental property across all housing tenures.
It has previously invested in a joint venture to build private rented sector homes with the Universities Superannuation Scheme, and has a mid-market rent partnership with the Scottish government. It also manages funds for the UK’s largest retirement house builder, McCarthy & Stone.
Meanwhile, Cubex is the developer behind Finzels Reach in Bristol, one of the South West’s largest mixed-use developments. It plans to similarly redevelop Frome Gateway, an area of largely industrial land either side of the River Frome that borders one of the principle traffic routes into the city.
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Gavin Bridge, executive director at Cubex, said: “We are committed to creating better, more inclusive cities, balanced communities and places that really work for people. We are delighted that PfP Capital will have a long-term interest in the projects we take forward, helping to make a lasting, positive impact on the region.”
He added that the partnership is currently pursuing “a number of development opportunities”, which would be unveiled in due course.
Chris Jones, managing director at PfP Capital, said: “Successful placemaking relies on developers and investors having a common goal and a close working relationship to make it a reality. Cubex shares our vision and we look forward to working with them to deliver quality places that work for everyone.”
