Sale of second local authority housing property
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION
FOR IMMEDIATE RELEASE
13 January 2025
Residential Secure Income plc
Sale of Wesley House, Luton
Residential Secure Income plc ("ReSI") (LSE: RESI) is pleased to announce that it has completed the sale of Wesley House, its second local authority housing property in Luton, which is used by Luton Borough Council to house residents in need.
The sale completed for a net consideration of c.£15 million, marginally in excess of the £14.8 million valuation reported in the interim results as at 31 March 2024. The sale proceeds will enable ReSI to repay its £15 million floating rate debt with Santander in full.
The sale of this property means that as ReSI implements its managed wind-down strategy, it is concentrated exclusively in the independent retirement rentals and shared ownership residential sub-sectors.
- Ends -
For further information, please contact:
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Gresham House Real Estate Ben Fry Sandeep Patel
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+44 (0) 20 7382 0900
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Peel Hunt LLP (Broker & Financial Adviser) Luke Simpson Huw Jeremy
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+44 (0) 20 7418 8900 |
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KL Communications Charles Gorman Charlotte Francis |
+44 (0) 20 3882 6644
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About ReSI plc
ReSI plc (LSE: RESI) is a real estate investment trust (REIT) focused on delivering secure, inflation-linked returns with a focus on two residential 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'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.
In December 2024, shareholders voted for and accepted a new investment objective which seeks to realise all the existing assets in the Company's portfolio in an orderly manner. The Company will pursue its investment objective by effecting an orderly realisation of its assets while seeking to balance maximising returns for Shareholders against timing of disposals whilst ensuring the interests of residents are protected. Capital expenditure will be permitted where it is deemed necessary or desirable in connection to the realisation, primarily where such expenditure is necessary to protect or enhance an asset's realisable value, to comply with statutory or regulatory obligations, to protect other stakeholders, to comply with the terms of any funding arrangement or to facilitate orderly disposal.
About Gresham House and Gresham House Real Estate
Gresham House is an alternative asset manager committed to operating responsibly and sustainably, taking the long view in delivering sustainable investment solutions.
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
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