Reuben brothers invest £19m in modular homes developer Project Etopia
Billionaire property tycoons David and Simon Reuben have invested £19m in Project Etopia, a housing developer specialising in modular homes.
Project Etopia, which was founded in 2015, provides energy-efficient modular homes and school buildings that can be constructed in under four weeks.
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The Cambridge-based company has opened a new factory in Cheshire with capacity to produce 2,000 panelised homes per year.
Project Etopia has also begun marketing homes in its modular commuter village in Corby, Northamptonshire, where it has now completed the first of its 47 eco-homes.
The latest funding will be a major boost for the firm, which is looking to accelerate its expansion plan.
The Reuben brothers made their fortune in the metals and textiles industries, and now control a vast property empire that includes Millbank Tower and prime real estate in Mayfair and St James.
The pair were ranked second on this year’s Sunday Times Rich List, with a net worth of just under £19bn.
“The company has enormous ambition to revolutionise the housing industry, and we are pleased to support an important pioneer in the sector,” a spokesperson for the brothers said.
“The day when offsite construction arrives as a mainstream method within house building is drawing ever closer and our investment will provide Etopia with the resources needed to deliver on its goals as soon as possible.”
Modular housing has been slated as a potential solution to the UK’s housing crisis, as it enables communities to be developed more quickly and affordably.
In recent years major British housebuilders including Barratt and Taylor Wimpey have invested in offsite construction techniques amid growing demand for prefab homes.
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Project Etopia has previously received backing from Tory MP and former Man Group chief executive Lord Stanley Fink.
Project Etopia chief executive Joseph Daniels said: “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.”
Main image credit: Project Etopia