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Major housing associations complete ‘sector’s largest stock swap’
The Guinness Partnership and Paradigm Housing have completed the swap of almost 2,500 homes in what they have called the “sector’s largest stock swap”.
Following the deal, which completed this week, Paradigm has taken ownership of 1,338 homes from Guinness, mainly in the Wycombe, Welwyn Hatfield and Dacorum areas. Guinness has taken ownership of 1,133 homes from Paradigm in Hillingdon and Hounslow.
Residents of both housing associations were first informed about the possibility of a stock transfer in June 2019 and the deal was completed following a consultation period with tenants.
At the time, the organisations said that the proposal would reflect the strategic decisions by both Paradigm and Guinness to focus future growth on their core areas of operation.
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Matthew Bailes, chief executive of Paradigm, said: “I am delighted this deal has completed after a detailed negotiation period. Both organisations now have a greater concentration of homes in their respective areas, which will allow us to provide high-quality, cost-efficient services to our residents, invest in our homes and services, and continue to build new affordable homes in the future.”
Catriona Simons, chief executive at The Guinness Partnership, said: “Both Guinness and Paradigm are committed to providing good services to our residents and this transfer of homes will contribute to us delivering increasingly efficient services whilst continuing to invest in our homes and in the communities where we work.
“The completion of the transfer is fantastic news and we look forward to welcoming our new residents and colleagues to Guinness.”
The swap was supported by Savills Affordable Housing Consultancy.
Last year saw housing associations complete a number of large stock rationalisation deals.
In March Clarion sold 1,175 of its homes in Newcastle and South Shields to Riverside. In May, Sanctuary’s supported living arm and Notting Hill Genesis agreed an 800-home stock transfer deal.
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