Appointment of David Orr as ReSI Housing Chairman

RNS Number : 7467C

Residential Secure Income PLC

03 October 2018

 

3 October 2018

Residential Secure Income plc

Appointment of ReSI Housing Chairman

Residential Secure Income plc ("ReSI") (LSE: RESI), which invests in residential asset classes that comprise the stock of UK social housing providers, is pleased to announce that its wholly owned Registered Provider subsidiary ReSI Housing Limited ("ReSI Housing"), has appointed David Orr as independent non-executive Chairman.

David brings over 30 years of housing expertise as an experienced leader whose career has spanned housing and wider social enterprise.  Most recently, David was Chief Executive of the National Housing Federation, a role he held from 2005 until his retirement on 30 September 2018, and before that was Chief Executive of the Sottish Federation of Housing Associations from 1990 to 2005.  He was appointed CBE in the Queen's Birthday Honours in June 2018. 

David holds and has held a number of non-executive roles, including; President of Housing Europe, Chair of Reall (an international housing development charity), and senior independent director at The Housing Finance Corporation (the UK's leading aggregator of finance for affordable housing).  David was Chair of the coalition government's Mobility Taskforce.

David is a well-known expert on housing policy who has negotiated across different government departments at the highest levels.  Through his extensive public speaking and media appearances, David has been an advocate for maximising the supply of affordable housing, and has been a staunch campaigner for the value of government funding to the Housing Association sector.

David Orr said: "I believe that ReSI's focus on rental income and its long-term investment horizon makes it an ideal investment partner for Housing Associations and Local Authorities. This, combined with ReSI's focus on investment grade credit, should provide sustainable returns for its investors while contributing to the sector's capacity to deliver socially and economically beneficial new housing."

FOR FURTHER INFORMATION, PLEASE CONTACT: 

ReSI Capital Management Limited / TradeRisks Limited  Ben Fry  Jonathan Slater  Mark Rogers  Alex Pilato  Richard Stubbs	[phone]
Jefferies International Limited  Stuart Klein  Gary Gould	[phone]
FTI Consulting    Richard Sunderland  Claire Turvey  Richard Gotla	[phone] Email: [e-mail]

NOTES:

Residential Secure Income plc (LSE: RESI) is listed on the premium segment of the Official List of the UK Listing Authority and was admitted to trading on the Main Market of the London Stock Exchange in July 2017.

ReSI has been established to invest in portfolios of Homes across residential asset classes that comprise the stock of Housing Associations and Local Authorities, comprising Shared Ownership Homes and Rental Homes (being Market Rental Homes, Functional Homes and Sub-Market Rental Homes) throughout the UK. To date it has deployed c. £215 million, acquiring a portfolio of 2,414 properties, comprising a mixture of local authority and retirement housing.

ReSI Housing Limited is a wholly owned subsidiary of Residential Secure Income plc that registered with the Regulator of Social Housing as a for profit Registered Provider on 5 July 2018.

ReSI is managed by ReSI Capital Management Limited, a wholly owned subsidiary of TradeRisks Limited which has a 17 year track record of executing transactions within the UK social housing sector and, to date, has arranged funding of over £10 billion in the social housing, care and other specialist residential property sectors.

ReSI seeks to deliver secure, long-dated, inflation-linked income returns through investment in UK social housing. It aims to meet demand from Housing Associations and Local Authorities for alternative equity-like financing sources that allows them to recycle capital back into socially and economically beneficial new housing, making a meaningful contribution to the UK housing shortage.

Homes acquired by ReSI will predominantly be on a freehold or long leasehold basis (typically 99 years or more to maturity) and benefit from long term (typically 20 years plus) inflation-adjusted cash flows. Acquisitions by ReSI will be limited to Homes with sufficient cashflows, counterparty credit quality and property security that allow the Fund Manager to arrange long-term investment grade equivalent debt.

Further information on ReSI is available at www.resi-reit.com 

 

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