Ingenious Completes Funding Deal with Citu

15th March, 2021

Ingenious Real Estate Finance LLP has agreed a £19million loan facility with property developer Citu, to fund the next 120 units at the Climate Innovation District (CID) in Leeds. The loan will fund the development of 120 new apartments and houses at what will become the largest sustainable residential development in the UK. Over 800 family homes are to be built in total over four phases, using Citu’s own offsite manufacturing facility, which uses an innovative timber framed system designed in collaboration with Leeds Beckett University to reduce carbon emissions at every stage.

The units themselves will benefit from a range of green qualities, incorporating the latest in sustainable technology, with passive cooling, light wells and mechanical ventilation heat recovery (MVHR) systems. With over 90% of heat transferred, heating requirements are up to ten times lower than an average UK home. The units will also benefit from 10 times the airtightness required by standard UK building regulations, which keeps heat in the house, whilst the MVHR systems maintain a flow of fresh air, delivering a healthy indoor air quality. Residents will also benefit from a digitally enabled home, controlled via Google Nest, allowing them to monitor their energy and water usage.

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.”

In September 2020, Ingenious became the first alternative lender to become a member of the UK Green Building Council (UKGBC). The UKGBC’s mission statement is to radically improve the sustainability of the built environment, by transforming the way it is planned, designed, constructed, maintained and operated.

Jonathan Wilson at Citu, said: “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. The importance of who we work with on these innovative and exciting projects is fundamental. 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.”

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