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LONDON (Alliance News) - Residential Secure Income PLC said on Monday it has agreed to acquired 132 new-build apartments in Clapham Park, south west London for GBP60 million, from housing association Metropolitan Thames Valley Housing.
The one, two and three bedroom apartments are to be converted by the property investor into shared ownership homes, which allows a purchaser to buy property with a lower deposit requirement and lower annual costs.
Conversion of the apartments will utilise grant funding from the Homes for Londoners programme, established by the Greater London Authority.
The portfolio of apartments will be acquired in two phases through Residential Secure's existing cash resources and debt, which are expected to be completed in September and December respectively.
"This is a further example of how Residential Secure Income is able to contribute positively to the delivery of affordable housing in the UK and demonstrates our ability to acquire shared ownership portfolios through partnerships with housing associations," said Ben Fry, managing director of ReSI Capital Management Ltd.
Shares in Residential Secure Income were up 1.4% at 92.30 pence on Monday.