Charles Russell Speechlys advises Apex Housing on growth capital investment
Charles Russell Speechlys has advised Apex Housing Group (Apex), an innovative airspace property developer, in relation to an investment by BGF (formerly Business Growth Fund).
Founded in 2008, the extended team of architects and technicians at Apex use advanced methods – known as modular construction – to design rooftop properties to exact specifications, which are then built in an offsite factory and installed through high access equipment. New developments have already been completed in St John’s Wood and Camden, with further developments consisting of more than 100 homes currently in progress.
Apex will use BGF’s funding to accelerate its construction programme, with plans to develop 300-400 properties during the next three years. Once built, many of the properties are expected to be eligible and available through the Government’s Help to Buy scheme, with property prices typically starting at around £350,000.
Apex CEO Arshad Bhatti said: “Following the success of our existing airspace developments, we’re excited to be able to build on our relationships with local authorities and meet the growing demand for affordable housing. BGF’s investment will enable us to unlock the value in London’s rooftops and we’re looking forward to consolidating our position as market leader in this sector, and growing our temporary accommodation offering to London’s councils.”
Head of Private Equity at Charles Russell Speechlys, Malcolm MacDougall, commented: “We were delighted to work with Apex on this investment, having worked with BGF on a variety of investments this year. Apex have fantastic prospects and we look forward to seeing their development plans come to fruition.”
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