Aldermore bank provides £8.4m development finance loan to Citu Group
Aldermore bank has provided a £8.4m development finance loan to Citu Group, a low carbon property developer which specialises in using modern methods of construction (MMC) techniques to deliver high quality, energy-efficient and sustainable places.
The loan will finance part of Citu’s new Kelham Central scheme in Sheffield, delivering 46 residential units.
The timber panels used at the Kelham sites will be manufactured at Citu’s own off-site manufacturing facility less than 35 miles away and are designed in collaboration with Leeds Beckett University.
Using sustainable technology, Citu is able to create high-quality homes that vastly reduces construction time and waste and will radically reduce homeowners carbon footprints once occupied.
Iain Bryson, head of development and specialist property at Aldermore, said: “Aldermore recognises that MMC is playing an increasingly important role in delivering the homes that the country needs. We’re committed to working closely with construction firms, housebuilders and property developers such as Citu to provide funding solutions for high quality, low carbon and sustainable developments.
“It’s great to be backing Citu Group on its next project at Kelham Central in Sheffield, which was once one of the industry heartlands of Britain and is becoming an increasing environmentally conscious, green area of the city.”
Chris Thompson, Managing Director of Citu Group, said: “We’re delighted to be working with Aldermore to kickstart our next project in Sheffield. In the face of the climate emergency, businesses are increasingly aware of the footprints and environmental consciousness of their stakeholders. Banks have a large influence in directing funds towards climate conscious projects and businesses, and we welcome the vision of Aldermore in supporting us to bring to fruition this important project.”
The Kelham Central scheme will deliver 114 residential units in total. Citu’s neighbouring Little Kelham site, now almost complete, consists of 153 homes, 15,000 sq. ft of retail space and 20,000 sq. ft of commercial units.