Gresham House Residential Secure Income has acquired 469 shared ownership homes in Cornwall, UK for £46 mln (€53 mln) from Ocean Housing.
The homes - 438 houses and 31 apartments - have been developed by Ocean Housing across Cornwall.
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 has now invested in over 2,100 shared ownership homes across ReSI 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.’
Mark Gardner, Group Chief Executive at Ocean Housing, added: ‘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.’
