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Shared ownership investor expands in South West with 469-home deal
The investor behind a for-profit provider has added 469 shared ownership properties in the west of England to its rapidly growing portfolio.
Residential Secure Income (ReSI), which is owned by Gresham House, the asset management firm, has struck a £46m deal with Ocean Housing, the Cornwall-based landlord.
Under the agreement, it is acquiring 438 houses and 31 apartments that have been developed across the region by Ocean, a landlord with around 4,800 homes.
ReSI owns ReSI Homes, a for-profit registered provider. As part of the deal with Ocean, the for-profit has entered into a 20-year management agreement to provide “continuity of service” for residents.
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The deal with Ocean is the latest in a string of acquisitions by ReSI LP, a limited partnership.
It has acquired 373 shared ownership homes from housing association Orbit, in two separate deals, the latest of which completed earlier this year.
In May, ReSI bought 39 homes from a local authority house builder, and 71 shared ownership homes from G15 housing association Metropolitan Thames Valley in 2021, in addition to 247 homes from Swan Housing.
ReSI has recently also funded 351 new affordable homes across Somerset, Wiltshire, Kent and Suffolk.
Ben Fry, managing director of housing at Gresham House, said: “This deal is a great result for all stakeholders and will deliver substantial social benefits for Cornwall, unlocking considerable capacity for Ocean Housing to deliver further affordable housing in an area where it is sorely needed.”
Mark Gardner, group chief executive at Ocean Housing, added: “This transaction will play a vital role in supporting our plans to build 1,000 new homes in Cornwall by 2030 and invest in improving energy efficiency and reducing emissions in our existing tenants’ homes.”
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