London investment company acquires 39 shared homes in £3.5m deal

A London investment company has announced its acquisition of 39 shared ownership homes in a £3.5m deal.

Residential Secure Income, which invests in affordable shared ownership, retirement and local authority housing, has acquired 39 shared ownership homes for a total consideration of £3.5m including deferred payments.

The properties have been purchased from Step Forward Homes, which specialises in the provision of homes for key workers - in particular the Armed Forces and Emergency Services personnel.

The acquisition brings ReSI’s total shared ownership portfolio to 205 homes and is funded through its new “ultra-long term” £300m debt facility.

Gary Metcalf, director at Step Forward Homes, commented: “The proceeds from this timely sale will be recycled into the development of further, much needed affordable homes for key workers.

“This is the first transaction we have worked on with the team at ReSI and we are looking forward to building a longer term relationship with them as Step Forward works to create a lasting social impact.”

Ben Fry, investment manager of ReSI Capital Management, added: “We are particularly pleased to have completed this transaction against the current backdrop where many families, particularly those of key workers, are facing challenging situations where we can help meet a clear need.

“This is a portfolio of high quality homes that further expands our shared ownership exposure and enables us to support housing delivery at a time when the supply is starved.”