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Sage registers two more companies as for-profit RPs
Blackstone-owned social housing provider Sage Housing has successfully registered two new entities with the Regulator of Social Housing (RSH).
Sage Shared Ownership Limited and Sage Rented Limited were registered as for-profit providers last month, nearly two years after Blackstone initially bought Sage Housing.
The organisation said the move was a “formality” designed to “regularise our governance arrangements”.
According to their last published accounts, both companies were dormant for the 10 months up to 31 December 2018.
Wall Street firm Blackstone is the world’s largest property investor with an asset base worth around $500bn.
It acquired a stake in Sage Housing in January 2018, with the landlord set to be in contract on more than 10,000 homes by spring following two years of huge growth and big-name hires.
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Around 60% of Sage’s homes are affordable rent with the rest shared ownership, while all are let to nominees from local authority housing waiting lists.
Sage bids for affordable units through Section 106 agreements with private developers and has a target to hit 20,000 homes over five years.
Its sister company, Sage Partnerships, is intended to fund new build developments by partnering with landowners such as councils, housing associations and developers.
In May 2018, the National Housing Federation took legal action to stop Sage calling itself a housing association, with the organisation subsequently agreeing to drop the term from its name.
A spokesperson for Sage Housing said: “The registering of Sage Shared Ownership and Sage Rented as for-profit providers with the Regulator of Social Housing is a formality.
“This action is intended to regularise our governance arrangements and reflects our development as a company. It is not uncommon in the sector for organisations to hold different tenures of assets in different corporate entities.
“Sage remains committed to being a long-term owner and provider of affordable housing, with a target to deliver 20,000 affordable units to the market over the next five years.”
Sage Shared Ownership and Sage Rented were incorporated in February 2018, but were left dormant until recently.
Also in December, London-based luxury developer Westcombe Group registered Dholak Partnership Homes as a for-profit registered provider of social housing.
