UK real estate investment trust Residential Secure Income (ReSI) has acquired 182 shared ownership homes from housing association Orbit.
ReSI, which invests in independent retirement living and shared ownership propertyies, said it has invested £21m (€24m) to acquire the houses across 10 counties.
The deal is the second shared ownership tenanted transaction between ReSI and Orbit, following the acquisition of a portfolio of 191 shared ownership homes in March last year.
The latest deal takes ReSI’s total shared ownership portfolio to more than 725 homes. ReSI is managed by Gresham House.
Ben Fry, managing director of housing at Gresham House, said: “We are delighted to announce this second transaction with Orbit for 182 tenanted shared ownership homes.”
Fry said the latest acquisition continues the firm’s ”proven partnership-led approach” with housing associations and follows the Gresham House closing of similar transactions in 2021 with Metropolitan Thames Valley and Swan Housing.
Mark Hoyland, group CEO at Orbit, said: “We are pleased to be working with ReSI on this transaction as a provider which shares our values. This transaction is part of our densification strategy, which aims to optimise our property portfolio.
“By delivering operational economies of scale we are able to support the delivery of more affordable new homes and further our work with customers and partners to ensure long-term, sustainable economic growth.”
JLL advised Orbit on the sale.
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