LONDON, UK: Residential Secure Income plc (LSE: RESI), which invests in independent retirement living and shared ownership to deliver secure, inflation-linked returns, announced a partnership with social impact real estate firm HSPG.
Under the agreement, ReSI plc has the exclusive option to acquire HSPG’s entire pipeline of shared ownership properties on a tranched basis, following completion of the homes, whilst HSPG will be responsible for letting to shared owners. ReSI plc’s expects to acquire at least £50mn of properties as part of the deal over the next three years.
The first transaction under the partnership has now been completed, with ReSI plc acquiring 21 completed homes at the Laureate Fields development in Felixstowe, Suffolk, for £2.7mn. The homes are part of a larger 197-unit masterplan development and comprise a mix of detached, semi-detached, and terraced two storey houses, developed by Generator Group. This latest acquisition brings ReSI plc’s shared ownership portfolio to 725 homes, and a further 59 committed homes.
Ben Fry, Managing Director of Housing at Gresham House, said: “The Laureate Fields acquisition will be the first of several investments under this partnership with HSPG, and we look forward to announcing more transactions with them in the future.
The transaction will add further inflation-linked, income-generating assets, whilst helping to bring forward much needed affordable housing,”
Guy Horne, chief executive at HSPG, added: “Gresham House is a natural partner for HSPG, and we are delighted to have secured this deal with one of the UK’s most respected affordable housing investors. As we continue to grow our presence in the competitive UK property development market, this funding provides further confidence that we will be able to deliver socially impactful housing for communities up and down the country.”