TIDMRESI
RNS Number : 3489Z
Residential Secure Income PLC
14 September 2022
14 September 2022
Residential Secure Income plc
("ReSI plc" or the "Company")
GBP50mn partnership with HSPG
Residential Secure Income plc (ReSI plc) (LSE: RESI), which
invests in independent retirement living and shared ownership to
deliver secure, inflation-linked returns , is pleased to announce a
partnership with social impact real estate firm HSPG.
Under the agreement, ReSI plc has the exclusive option to
acquire HSPG's entire pipeline of shared ownership properties on a
tranched basis, following completion of the homes, whilst HSPG will
be responsible for letting to shared owners. ReSI plc's expects to
acquire at least GBP50mn of properties as part of the deal over the
next three years.
The first transaction under the partnership has now been
completed, with ReSI plc acquiring 21 completed homes at the
Laureate Fields development in Felixstowe, Suffolk, for GBP2.7mn.
The homes are part of a larger 197-unit masterplan development and
comprise a mix of detached, semi-detached, and terraced two storey
houses, developed by Generator Group. This latest acquisition
brings ReSI plc's shared ownership portfolio to 725 homes, and a
further 59 committed homes.
Ben Fry, Managing Director of Housing at Gresham House,
said:
"The Laureate Fields acquisition will be the first of several
investments under this partnership with HSPG, and we look forward
to announcing more transactions with them in the future.
The transaction will add further inflation-linked,
income-generating assets, whilst helping to bring forward much
needed affordable housing,"
Guy Horne, chief executive at HSPG, added:
"Gresham House is a natural partner for HSPG, and we are
delighted to have secured this deal with one of the UK's most
respected affordable housing investors. As we continue to grow our
presence in the competitive UK property development market, this
funding provides further confidence that we will be able to deliver
socially impactful housing for communities up and down the
country."
ENDS
For further information, please contact:
Gresham House Real Estate
Ben Fry
Brandon Holloway +44 (0) 20 7382 0900
Peel Hunt LLP
Luke Simpson
Huw Jeremy +44 (0) 20 7418 8900
KL Communications gh@kl-communications.com
Charles Gorman +44 (0) 20 3995 6673
Charlotte Francis
Millie Steyn
About ReSI plc
Residential Secure Income plc ("ReSI plc" LSE: RESI) is a real
estate investment trust (REIT) focused on delivering secure,
inflation-linked returns with a focus on two resident sub-sectors
in UK residential - independent retirement rentals and shared
ownership - underpinned by an ageing demographic and untapped and
strong demand for affordable home ownership.
ReSI plc targets a secure, long-dated, inflation-linked dividend
of 5.16 p per share FY 2022(i) . (paid quarterly) and a total
return in excess of 8.0% per annum. As at 30 June 2022, including
committed acquisitions, ReSI plc's portfolio comprises 3,291
properties, with an (unaudited) IFRS fair value of GBP389mn(ii)
.
ReSI plc's purpose is to deliver affordable, high-quality, safe
homes with great customer service and long-term stability of tenure
for residents. We achieve this through meeting demand from housing
developers, housing associations, local authorities, and private
developers for long-term investment partners to accelerate the
development of socially and economically beneficial affordable
housing.
ReSI plc's subsidiary, ReSI Housing Limited, is registered as a
for-profit Registered Provider of social housing, and so provides a
unique proposition to its housing developer partners, being a
long-term private sector landlord within the social housing
regulatory environment. As a Registered Provider, ReSI Housing can
acquire affordable housing subject to s106 planning restrictions
and housing funded by government grant.
About Gresham House and Gresham House Real Estate
Gresham House is a London Stock Exchange quoted specialist
alternative asset manager committed to operating responsibly and
sustainably, taking the long view in delivering sustainable
investment solutions.
Gresham House Real Estate has an unparalleled track record in
the affordable housing sector over 20 years, with senior members
having an average of c.30 years' experience.
Gresham House Real Estate offers long-term equity investments
into UK housing, through listed and unlisted housing investment
vehicles, each focused on addressing different areas of the
affordable housing problem. Each fund aims to deliver stable and
secure inflation-linked returns whilst providing social and
environmental benefits to its residents, the local community, and
the wider economy.
Further information on ReSI plc is available at
www.resi-reit.com , and further information on Gresham House is
available at www.greshamhouse.com
(i.) The dividend target and total return target are targets
only and are not profit forecasts. There can be no assurance that
either target will be met, and they should not be taken as an
indication of the Company's future results.
(ii.) excluding the finance lease gross up and including GBP15mn
of committed acquisitions
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END
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