Residential Secure Income has exchanged contracts to acquire 132 new-build flats at Clapham Park, SW2, for £60m.
The flats are being purchased from Metropolitan Thames Valley Housing. ReSI plans to convert the one, two and three-bedroom apartments into shared-ownership homes, using grant funding from the Greater London Authority’s Homes for Londoners programme.
The portfolio is intended to be held through ReSI’s wholly owned subsidiary ReSI Housing, which is regulated as a for-profit registered provider of social housing.
The portfolio, located between Clapham, Brixton, Streatham and Balham, forms part of MTVH’s regeneration project on the Clapham Park estate, which will deliver 2,500 new homes (of which 700 have already been delivered), a community hub, a new community centre and shops.
This acquisition follows ReSI’s first investment in shared ownership homes in October, when it acquired a £16.5m portfolio of 34 homes from Crest Nicholson, which is also managed by MTVH.
Ben Fry of ReSI Capital Management, ReSI’s fund manager, said: “This is a further example of how ReSI is able to contribute positively to the delivery of affordable housing in the UK and demonstrates our ability to acquire shared-ownership portfolios through partnerships with housing associations.”
Avison Young advised MTVH on the sale.
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