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Large Northern landlord completes stock transfer of 439 homes
Large Northern housing association Karbon Homes has completed the transfer of 439 homes from a South Tyneside-based provider.
In a stock market update, Karbon confirmed that the stock transfer from South Tyneside Housing Ventures Trust (STHVT) was completed today.
Karbon, which has around 30,000 homes in total, said the deal will enable it to strengthen its presence in South Tyneside, where it already owns and manages more than 1,200 homes.
The landlord said an extensive consultation had taken place with customers and stakeholders in November 2022, which saw overwhelming support for the transfer.
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Paul Fiddaman, chief executive of Karbon Homes, said: “We are delighted to welcome customers from South Tyneside Ventures Trust to the Karbon family.
“The transfer enables us to provide services to even more customers and generate greater capacity to invest in their homes. We are really excited to work closely with the local community and build strong foundations for more people.”
Dawn Keightley, managing director at STHVT, said: “Our focus has always been ensuring the long-term delivery of high-quality services to customers.
“After careful consideration and listening to feedback from our customers, the board agreed to transfer all of its properties to Karbon Homes. Our priority has also been to maintain customers’ homes to a good standard now and in the future and we are assured that Karbon has the financial capability to do that.”
Karbon recently had its outlook revised from ‘stable’ to ‘positive’ by major credit ratings agency Standard & Poor’s.
The agency said it revised the outlook for the 30,000-home landlord due to its expectation that Karbon’s “rental revenue from acquired units and development grants will reduce the group’s debt funding need more than we had assumed”.
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