UK social housing investor Residential Secure Income (ReSI) has inked a deal to acquire three seperate shared ownership portfolios for £250 mln (€283 mln) through its fund manager ReSI Capital Management.
The deals, which were agreed in the period since its IPO in July 2017, are being finalised with three Housing Associations. It is expected they will be concluded by the end of 2017.
ReSi Capital Management expects that debt will be raised on or shortly after each respective acquisition date in line with its investment strategy.
In addition, the fund manager has entered into exclusive due diligence for the acquiisition of £100 mln (€113 mln) of rental homes which are managed by a housing association. Principally located in southern England, the deal is expected to close in November and offers for long term debt have already been received.
A further deal pipeline of shared ownership homes and rental homes worth £200 mln (€226 mln) is also being progressed. According to ReSi, this indicates that the net proceeds of its IPO, plus leverage, are likely to be fully deployed well within the nine month period referred to in ReSI's IPO prospectus.
ReSI, which is listed on the premium segment of the official list of the UK listing authority, was admitted to trading on the main market of the London Stock Exchange in July 2017.
It invests in residential portfolios throughout the UK that comprise the stock of housing associations and local authorities, comprising shared ownership homes and rental homes.
