25th Oct 2018 12:17
LONDON (Alliance News) - Property investor Residential Secure Income PLC said on Thursday it will acquire 34 new build homes located in Barnet, London, from Crest Nicholson Holdings PLC for GBP16.5 million,
The company plans to convert the acquired properties into shared ownership homes.
The properties once acquired will form part of FTSE 250-listed Crest Nicholson's Totteridge Place development, a collection of 124 houses and apartments on Weston High road.
The mix of one, two and three bedroom properties, held by Residential Secure are on a long-leasehold basis of 250 years. Thames Valley Housing will act as managing agent for the properties.
"We are excited that ReSI Housing is combining private sector equity with grant funding to enable the provision of further shared ownership homes, allowing new buyers to take their first steps onto the housing ladder. This transaction shows how those for-profit providers that are long-term asset holders can make a positive contribution to the social housing sector, by enabling developers to accelerate their development ambitions and increase the provision of affordable homes," said David Orr, chairman of ReSI Housing.
Shares in Residential Secure Income were down 0.2% at 90.80 pence on Thursday.
Related Shares:
Crest NicholsonResidential Sec