Residential Secure Income has bought 182 shared ownership homes for £21m in cash.
The Gresham House-owned REIT said the portfolio is fully occupied and primarily located in the South East and East of England. It offers a current annual passing rent of £700,000, benefitting from annual uncapped RPI-linked rent increases. The average outstanding lease term is 95 years.
The leases are fully repairing and insuring, and the portfolio’s rental income is underpinned by residents’ 40% average ownership stake in the homes.
The deal brings the REIT’s portfolio to more than 3,000 properties, valued at an estimated £370m.
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