For-profit landlord bolsters assets after investing £300m in new homes

Between December 2018 and December 2019, the for-profit grew its affordable rent portfolio from £31.7m to £131.8m, while its shared ownership assets rose from £18.8m to £75.3m.

Sage also reported an increase in completed housing properties for letting from £50.5m to £207.2m and housing properties under construction from £87.9m to £210.3m.

The housing provider has previously stated that its ambition is to amass a 20,000-home stock in its first five years.

At the end of 2019, Sage had amassed £480m in loans secured against housing properties by way of a five-year revolving credit facility agreed in January 2019.

As reported in Inside Housing last year, Sage will also look to hit its 20,000-home target by raising a further £220m through the bond market.

The social housing provider says it has delivered more than 3,000 homes since 2017 and has a pipeline of more than 14,000 in contract.

A Sage spokesperson said: “Our model sees long-term stable capital help accelerate provision of homes to those in most need.

“In three years we have grown from a start up to become an increasingly meaningful provider of affordable homes.

“We are proud and determined to do what we can to help combat the affordable homes crisis across England.”