Residential Secure Income plc (ReSI plc), which invests in independent retirement living and shared ownership property to deliver secure, inflation-linked returns, has acquired 182 shared ownership homes from leading English housing association Orbit. The £21m transaction comprises 182 houses across 10 counties.
This marks the second shared ownership tenanted transaction between ReSI plc and Orbit, following the acquisition of a portfolio of 191 shared ownership homes in March 2021. The latest deal takes ReSI plc’s total shared ownership portfolio to more than 725 homes. The portfolio will be managed by ReSI Property Management Limited in line with the best practice approach set out in Gresham House’s shared ownership customer and environmental charters.
ReSI plc is managed by Gresham House, a listed specialist alternative asset manager with £6.5bn under management. Gresham House manages over 1,250 shared ownership homes held within two wholly owned RP’s and c. 3,600 rental homes.
Ben Fry, Managing Director of Housing at Gresham House, said: “We are delighted to announce this second transaction with Orbit for 182 tenanted shared ownership homes. This acquisition continues our proven partnership-led approach with Housing Associations and follows the Gresham House closing of similar transactions in 2021 with Metropolitan Thames Valley and Swan Housing.
“Rising demand and historic undersupply mean there is a growing need for affordable housing in the UK — 94% of which is currently provided by not-for-profits such as Orbit. ReSI’s ability to provide these organisations with new capital supports their development of much needed new affordable homes. At the same time, this strategy offers a stable source of inflation-linked income for savers looking to secure their future in an increasingly uncertain environment.”
Mark Hoyland, Group Chief Executive at Orbit, added: “We are pleased to be working with ReSI on this transaction as a provider which shares our values. This transaction is part of our densification strategy, which aims to optimise our property portfolio. By delivering operational economies of scale we are able to support the delivery of more affordable new homes and further our work with customers and partners to ensure long-term, sustainable economic growth.”
JLL advised Orbit on the sale.
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