You are viewing 1 of your 1 free articles
Blackstone-owned housing provider to break 10,000-home barrier
Sage Housing, a social housing provider owned by US private equity giant Blackstone, will be in contract on over 10,000 homes by spring next year, its interim chief executive has said.
Speaking at the Savills Annual Housing Seminar in London yesterday, Rod Cahill said Sage was already in contract to provide 7,300 new homes with another 2,800 at agreed terms.
By the end of this year, Sage, which launched in January last year with funds from Blackstone, will have finished 2,000 of these homes, Mr Cahill said.
Of the homes delivered, 60% will be for affordable rent and 40% for shared ownership, with 100% of the organisation’s lets being provided to nominees from local authority waiting lists.
READ MORE
Speaking on the same panel, titled ‘The for-profit RPs: are they starting to deliver for tenants?’, Ben Denton, managing director at Legal & General (L&G) Affordable Homes, said his organisation was looking to increase the number of joint ventures it undertakes with housing associations.
He said his organisation, which announced its first joint venture with Coastline Housing earlier this year, hopes to undertake around five joint ventures with housing associations in the near future.
According to Mr Denton, his organisation, which is one of the largest for-profit housing associations in the country, bid for roughly 28,000 homes across 14,000 projects this year.
Last week, L&G revealed the names of 14 housing associations it will use to manage its homes, including Optivo, Jigsaw and Karbon Homes.
David Orr, chair of Residential Secure Income (ReSI) Housing, said the real estate investment trust has a portfolio of over 2,600 homes and has introduced 40 investors who were not previously in the market to the affordable housing sector.
He said: “This is bringing new funds into the environment that many of us have been looking to get into this sector and not managed to do so for a very long period of time.”
