Major landlord agrees 640-home stock transfer with subsidiary

At the time of the merger, it was announced that around 550 affordable homes owned or run by Greenoak across Surrey and East and West Sussex would be transferred to Stonewater on a phased basis, as part of the tie-up.

However, this new transfer will make Greenoak responsible for providing housing management services to customers in these homes, while Stonewater will continue to manage the maintenance of the homes until the subsidiary has the resources to take this on as well.

Marcus Canning, interim director of Greenoak, said: “Residents will be minimally impacted and will benefit from the expertise and experience of two forward-thinking housing associations.”

Greenoak describes itself as “an established player in promoting sustainability”, having won awards for its approach to green homes and low-energy schemes. 

The partnership between the two providers includes the development of a national centre of excellence for zero-carbon development and retrofit, according to the release. 

Nicholas Harris, the chief executive of Stonewater, described the partnership as “another exciting milestone on Greenoak’s journey of becoming a member of the group”.

The landlord reported a post-tax surplus of £23.9m in the year to the end of March 2022, compared with £48.8m the previous year. The reduced surplus came despite turnover rising 7% to £225.4m.