10th Sep 2018 11:26
LONDON (Alliance News) - Residential Secure Income PLC said Monday it bought a 478-property retirement homes portfolio for GBP40.2 million from UK housing association Places for People.
The company bought the first 421 properties with acquisition of the remaining 57 anticipated within three months.
Fund Manager Ben Fry said: "This acquisition complements our existing portfolio of retirement flats. The portfolio offers a later-life independent living solution with security of tenure but without the hassles of ownership, and serves a fast growing, yet hugely fragmented and underserved, sector of the market.
"Our strategy continues to be focused on delivering a secure, long term income stream to shareholders. We are making good progress in building a high quality portfolio that meets these disciplined investment criteria, and expect this progress to continue."
Residential Secure shares were trading down 0.3% at 95.54 pence each.
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