By Joey Gardiner 2021-01-06T07:00:00+00:00
Troubled Croydon developer to sell 85 homes to housing investment vehicle
Under-fire council-owned developer Brick By Brick has sold 85 homes to a for-profit social landlord in a £29m deal, including some designed by Stirling Prize-winners Mikhail Riches.
The homes have been bought by Residential Secure Income (ReSI), a listed investment vehicle set up in 2017 to make money from buying shared ownership properties.
The firm said the deal will allow Brick By Brick to accelerate the delivery of affordable homes and “return the proceeds of the sale to the London Borough of Croydon to be spent on frontline services”.
Residents across South London and North Kent have been named in the Queen s New Year s Honours List. A junior doctor from Lewisham and Greenwich NHS Trust and a Swanley safeguarding campaigner from Swanley are a among those named in the Queen s New Years Honours List. Other honours include a police constable in Lambeth, a headteacher in Southwark, an education worker in Croydon and Girl Guide from Bromley. With 2021 nearly upon us, the New Year Honours List has been published, revealing who will be honoured for their hard work in the new year. Locally, several people from south London and north Kent have received honours, so here s the details.
Residents across South London and North Kent have been named in the Queen s New Year s Honours List. A junior doctor from Lewisham and Greenwich NHS Trust and a Swanley safeguarding campaigner from Swanley are a among those named in the Queen s New Years Honours List. Other honours include a police constable in Lambeth, a headteacher in Southwark, an education worker in Croydon and Girl Guide from Bromley. With 2021 nearly upon us, the New Year Honours List has been published, revealing who will be honoured for their hard work in the new year. Locally, several people from south London and north Kent have received honours, so here s the details.
Residential Secure Acquires 85 New Build Homes For GBP29 Million
Thu, 24th Dec 2020 13:35
(Alliance News) - Residential Secure Income PLC on Thursday said it has acquired 85 new build homes for GBP29 million from Brick By Brick, a development company set up by Croydon Council.
The real estate investment trust stated the portfolio of newly-completed homes which will be delivered as shared ownership properties comprises one, two and three-bedroom apartments in new developments in Upper Norwood, Thornton Heath and South Croydon in south London.
The transaction will be funded through the GBP300 million 45-year debt facility inked in July.
Residential Secure highlighted the deal brings its total shared ownership portfolio to 281 homes, adding that upon occupation, each home will be fully income generating, with an expected inflation-linked leveraged yield which supports the company s total return of 8% and dividend targets of around 5%.
Homes acquired from Brick By Brick, the development company set up by Croydon Council Residential Secure Income plc ( ReSI ) (LSE: RESI), which invests in affordable shared ownership, retirement and local authority housing, has exchanged contracts for £29 million to acquire up to 85 newly completed homes for delivery as shared ownership. The properties are being acquired from Brick By Brick, the housing development company set up to deliver a large programme of high quality and affordable homes for local people across the London Borough of Croydon. The transaction will allow Brick By Brick to offer these homes as shared ownership, accelerating the delivery of much-needed affordable homes and returning the proceeds of the sale to the London Borough of Croydon to be spent on frontline services. The homes will be held by ReSI s wholly owned registered provider of social housing, ReSI Housing, and part financed by government grant.