Housing association Riverside has acquired 1,175 homes in the North East from Clarion Housing Group.
The portfolio comprises a mix of retirement and supported living homes in Newcastle and South Shields.
The sale is part of Clarion’s strategy, announced in 2017, to sell around 10,000 social rented homes by the end of 2025. Following the merger of Affinity Sutton Group and Circle Housing to create Clarion, the new company aimed to ramp up construction to 5,000 homes a year and increase its exposure to private sales and private rent.
Clarion manages a portfolio of around 125,000 homes. Riverside has around 56,000 homes across 160 local authorities.
Clarion has also exchanged contracts with Mid Group to build a £50m affordable housing scheme in Bristol.
It will develop 152 affordable homes as a mix of affordable rent and shared ownership at Bath Road, close to the River Avon, with work expected to begin at the end of spring 2020.
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