Ingenious agrees £19m loan facility with Citu
Ingenious Real Estate Finance has agreed a £19m loan facility with property developer Citu.
The loan will be used to construct 120 units at the Climate Innovation District (CID) in Leeds; the collection of apartments and houses is set to become the largest sustainable residential development in the UK.
More than 800 family homes are to be built in total over four phases, using Citu’s own off-site manufacturing facility, which incorporates an innovative timber-framed system designed in collaboration with Leeds Beckett University.
The units will benefit from a range of sustainable technologies, including passive cooling, light wells and Mechanical Ventilation Heat Recovery (MVHR) systems, which capture the heat generated by appliances. With over 90% of heat transferred, heating requirements are up to 10 times lower than an average UK home.
In addition, the units will benefit from 10 times the airtightness required by standard UK building regulations.
The site is part of the Aire Valley Leeds Area Action Plan, a major regeneration area covering 1,300 hectares of land.
Tom Brown, managing director of real estate at Ingenious, said: “Ingenious is dedicated to supporting sustainable developments while maintaining our commitment to the objectives of our investors.
“We are pleased to be supporting Citu with the next phase of the CID development providing attractive homes for buyers looking for a quality, sustainable and energy-efficient place to live close to Leeds city centre.”
Jonathan Wilson, development director at Citu, added: “This new relationship is an exciting marker in the evolution and expansion of our delivery business which will enable CITU to grow further and double our annual outputs through the future regeneration and delivery at the Climate Innovation District, Leeds.
“The importance of who we work with on these innovative and exciting projects is fundamental.
“The relationship we have developed with Ingenious is built upon a shared, long-term view of how we can work together on a more sustainable future whilst raising industry standards in both delivery and building performance.
“With many high street banks still investing heavily in fossil fuel projects it was, and is, hugely important we work with like-minded, ethical partners such as Ingenious.
“We are on a bold journey as a business and relationships like this only support the success and positive outcomes we require to disrupt the status quo.”