Update to asset management services arrangements
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1 November 2024
Residential Secure Income plc
("ReSI plc" or the "Company")
Update to arrangements for asset management services
The Board of ReSI plc (LSE: RESI) notes that Gresham House and Thriving Investments have launched a new partnership to create a dedicated shared ownership and affordable housing fund management platform in the UK, as separately announced this morning.
This partnership is focused on the management of the private fund Gresham House Residential Secure Income LP. Under these arrangements, Ben Fry and a number of the existing housing team at Gresham House will transfer to Thriving Investments, effective immediately. Ben will continue to serve in his role as lead fund manager for ReSI plc under secondment to Gresham House for an initial term of nine months from today.
Certain asset management services focused on ReSI Housing Limited, the Company's wholly-owned Registered Provider of Social Housing, which owns the Company's shared ownership portfolio, will be provided by Thriving Investments. The balance of fund management services for ReSI plc, along with asset management of ReSI plc's retirement portfolio, will continue to be provided directly by Gresham House.
Notably, as a result of these new arrangements, there will be no change to fund management fees due to Gresham House or its fund management responsibilities, no impact on residents, no change to the existing portfolio, and no change to the status of ReSI Housing Limited.
The Board expects to send a circular to shareholders in connection with the previously announced proposal for a managed realisation strategy and return of capital to shareholders within the next few weeks.
- ENDS -
LEI: 213800D24WA531LAR763
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 Henry Taylor |
+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.
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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