Goldman Sachs Backed TopHat To Receive £70m Investment From Aviva and Persimmon Homes.

UK based modular house builder TopHat has raised £70m from investors FTSE-100 listed house builder Persimmon, and Aviva.

The fundraising, backed by new and existing investors, is being led by Persimmon and Aviva Capital Partners.

Existing shareholder Goldman Sachs Asset Management also committed capital to the round of fund-raising with Homes England considering making a commitment. Homes England also funded TopHat’s development at Kitchener Barracks in Chatham in the acceleration of housing delivery in the region.

Modular housing delivery typically offers investors increased returns whilst lowering carbon emissions. This is due to the reduced time spent on site and the ability to better manage time lost due to bad weather and trades teams overrunning as a result, this is why we have started to see advancements in this type of housing delivery across the UK.

The funding will help the firm open Europe’s largest modular housing factory, from which it will manufacture up to 4,000 ultra-low-carbon homes a year.

The investment will provide Persimmon with guaranteed access to energy-efficient volumetric modular units as well as TopHat’s innovative brick façade to use with their Space4 timber frame products.

This will provide further build efficiencies, manage the growing challenge of labour shortages in key trades and expand Persimmon’s product range for their customers.

This collaboration also shows how Aviva is using its financial strength to invest in the sustainable infrastructure and real estate which are central to the UK’s net zero transition within the Construction sector.