Gresham House Residential Secure Income LP (ReSI LP) has acquired 469 shared-ownership homes in Cornwall for £46m (€53.5m).
The 438 houses and 31 apartments were developed by Ocean Housing across Cornwall.
The acquisition was made within ReSI LP by ReSI Homes, its wholly owned registered provider of social housing
As part of the transaction, ReSI Homes has entered into a 20-year management agreement with Ocean, providing continuity of service for residents.
It is ReSI LP’s first major acquisition in Cornwall and its first transaction with Ocean Housing, which owns around 4,800 homes.
Gresham House said the deal had support from Cornwall Council, which is dealing with an affordable housing crisis due to limited supply of new housing and a high house price to earnings ratio of 11x, compared with the national average of 7x.
ReSI LP has now completed transactions with a number of housing associations, including Orbit, Metropolitan Thames Valley and Swan Housing. It has recently also funded 351 new affordable homes across Somerset, Wiltshire, Kent and Suffolk.
Gresham House has now invested in over 2,100 shared ownership homes across ReSI LP and its listed investment trust counterpart, Residential Secure Income.
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.
“We’re delighted to have entered a long-term partnership with Ocean Housing in Cornwall, having established a strong working relationship during 2022. This continues our long-running track record of successfully partnering with sector leaders across the country to support the provision of affordable housing where it is needed most.”
Mark Gardner, group chief executive at Ocean Housing, said: “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.
“Gresham House has an outstanding reputation for its work with housing associations, and we are delighted to partner with the company on this significant transaction that will support local communities across Cornwall for years to come.”