Property Week- 23rd September 2019
Reuben Brothers has invested £19m in modular house builder Project Etopia, the largest investment yet received the firm and the wider offsite-construction industry
Their £19m investment will enable Project Etopia to accelerate its expansion plans, with further developments and global opportunities in the pipeline.
The company, headquartered in Cambridge, was founded in 2015 and received its first significant investment from hedge fund manager Lord Stanley Fink, who has formerly held roles as Conservative party treasurer, chief executive of investment management firm Man Group and chairman of investment manager ISAM Europe.
A spokesperson for Reuben Brothers, said: “Project Etopia has set out its stall in building elegantly-designed, high quality eco homes and is already demonstrating how its vision aims to make a big impact to address the UK’s housing crisis. The company has enormous ambition to revolutionise the housing industry, and we are pleased to support an important pioneer in the sector. The day when offsite construction arrives as a mainstream method within house building is drawing ever closer and our investment will provide Etopia the resource needed to deliver on its goals as soon as possible.”
Joseph Daniels, chief executive of Project Etopia, added: “Reuben Brothers’ significant investment in Project Etopia is a huge endorsement by an eminent investor of what we are doing and marks an enormous milestone in the company’s history. There is no place for poor quality housing in the UK, and we are demonstrating that high-quality affordable housing can be built at great speed with a drastically smaller environmental footprint. With a growing pipeline of future projects, this latest investment will ensure we can take full advantage of the demand which exists for new homes that use the latest offsite techniques.”