TopHat, the leading modular house builder, has raised £70 million from new and existing shareholders as the company draws closer to opening Europe’s largest modular housing factory, from which it will manufacture up to 4,000 ultra low-carbon homes a year.
In a major show of confidence in TopHat and the UK’s fast-growing modular housing sector, FTSE-100 housebuilder Persimmon and institutional investor Aviva, through its Aviva Capital Partners unit, have each made a substantial investment in the Company.
Persimmon aims to embrace the innovative manufacturing techniques used by TopHat to complement its existing Space4 timber frame product, drive further build efficiencies while expanding its product offering to customers and support moves to meet the Future Homes Standard.
Aviva Capital Partners, Aviva plc’s newly launched in-house capital unit which originates infrastructure assets using Aviva group capital, has invested to bolster its sustainable community strategy. Thanks to the quality of TopHat’s manufactured homes, outstanding energy performance helps to reduce long-term operating costs for both investors and households, as well as protecting consumers from rising bills.