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Tenants back large landlord takeover of small Scottish housing association
Tenants of a small Scottish housing association have backed a takeover by a major landlord.
Reidvale Housing Association, which owns 897 homes in the East End of Glasgow, said that 61.8% of tenants voted in favour of a proposed transfer to the Scottish arm of UK-wide landlord Places for People (PfP) on Thursday 14 December.
The ballot was open for 32 days and had 72.9% turnout, Reidvale said.
As part of the takeover offer, PfP has committed to a five-year rent freeze and £13.7m investment over the same period to improve the quality of housing and services.
Reidvale claimed that its own business plan would have led to rents increasing by 10% every year for the next eight years if it stayed independent.
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The small housing association will now ask shareholding members to approve and confirm the takeover in two special general meetings.
Subject to these approvals and other final consents, the transfer to PfP is expected to complete in early spring 2024.
PfP would then become responsible for delivery all services currently delivered by Reidvale.
Eddie Marley, chair of Reidvale, said: “The management committee is very happy with the package of transfer promises that we secured from Places for People Scotland.
“These will make a huge positive difference to our tenants including the rent freeze and additional investment in our homes and communities.”
He added: “This provides a good mandate for Places for People Scotland going forward to deliver on the promises they have made.”
Katie Smart, director of Places for People Scotland, said: “We now look towards the special general meetings with Reidvale shareholders where they will be asked to approve the special transfer resolution.
“We are hopeful for a positive outcome and are confident that the transfer will combine the strengths, capabilities, assets and traditions of both organisations to create a stronger entity that can deliver a thriving future for the Reidvale community.”
