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Large housing association’s spending spree continues with 90-home swap deal
Sovereign has snapped up 90 properties from LiveWest for an undisclosed sum as part of an ongoing acquisition push.
The 57,000-home landlord will manage and maintain the 12 flats and 78 houses, spread across Chippenham, Marlborough and Swindon.
Exeter-based LiveWest is selling the units to allow them to be serviced locally, according to Sovereign.
West Berkshire-based Sovereign has been buying up properties from other landlords as it pursues a growth strategy.
In January, Sovereign acquired 228 units in the South of England from fellow large association Hyde.
Inside Housing also revealed in January that it was among a number of associations looking at buying cut-price homes from private builders amid Brexit uncertainty.
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Since 2005 Sovereign has sold, bought or swapped about 10,000 properties.
Micky Cummins, its commercial director, said that the strategy is “helping us grow, make the most of our assets and provide an efficient and effective service for our customers”.
The deals have represented around £650m worth of transactions.
Sovereign, which reported a 14% jump in surplus in its last full year, also plans to be building around 1,900 homes a year by 2022.
The landlord was created in 2016 from the merger of Spectrum Housing Group and Sovereign Housing Association.
