U.K. homebuilder Backhouse Housing Ltd. received a £50 million investment from Cheyne Capital Management (UK) LLP's fifth real estate debt fund.
The investment from the £600 million Cheyne Real Estate Credit Fund V vehicle will aid Backhouse in delivering 500 houses annually by 2022, according to a report from IPE Real Assets.
Cheyne Capital's Rob Turner will join Backhouse's board as a nonexecutive director. Former Backhouse advisors Richard Jones and Anthony Henry-Lyons will also join the homebuilder's board.
