Residential Secure Income has acquired 191 shared-ownership homes from housing association Orbit for £16m in cash.
The portfolio has 180 houses and 11 flats, located across 18 counties in England. The homes are all occupied, with 43% owned by residents.
The deal will be funded through a £300m, 45-year debt facility established in July last year. It brings the total number of ReSI’s shared-ownership homes to 549.
Ben Fry, investment manager of ReSI Capital Management and head of housing investment at Gresham House, said: “Rising demand and historic undersupply means a growing need for affordable housing, 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.”
Mark Hoyland, group chief executive at Orbit, said: “The transfer of these shared-ownership properties is part of our portfolio densification strategy, driving operational efficiencies for Orbit and supporting the delivery of more affordable new homes.”
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