LCA now holds an aggregate equity stake of 25% in Living Villages following the initial equity investment of £350,000 announced on 12 March 2007, and a further equity investment of £325,000 on 21 May 2007. In addition, LCA has certain rights in connection with the funding of any future investment rounds.
Living Villages is a specialist residential property developer established to design and build energy efficient, environmentally friendly and socially appealing housing developments.
Mark Shorrock, Chief Executive Officer at Low Carbon Investors, LCA’s investment manager, said: ‘Living Villages has made great progress over the past few months. It has put in place an experienced senior management team which now has a number of projects in advanced negotiation. I was particularly pleased to see the company sign heads of terms for the 217 home St Mellion development that is expected to start construction before the end of the year.’
Scott Black, Joint Managing Director of Living Villages added: ‘We are delighted to have LCA as our equity partners. Their investment will help us to achieve further growth and to create more socially and physically sustainable communities throughout the