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Places for People has agreed a new 10-year deal to manage for-profit provider Residential Secure Income’s (ReSI) 2,219 retirement homes.
Under the new contract, Places for People will be charged with the day-to-day management, rent collection and maintenance of the portfolio, reducing voids and improving its operational performance.
The housing association owns and manages almost 200,000 homes across the UK, and already manages retirement homes through its specialist division Girlings.
It became the first large housing association to agree a partnership with a social housing real estate investment trust (REIT) when it agreed an initial management deal with ReSI across its retirement stock in 2017.
ReSI has built up its retirement housing portfolio over the past three years, including buying almost 500 properties from Places for People itself. To date it has spent around £300m purchasing homes from local authorities and housing associations.
Its retirement homes are spread across England and Wales and are leased to tenants using pensions and housing benefit.
Pete Redman, managing director of property at ReSI Capital Management, ReSI’s fund management arm, said: “Following a competitive tender process, we are confident that, with the new contract structure and through working more closely together, Places for People is best placed to maximise returns from our retirement housing portfolio, with enhanced incentives to reduce voids and improve portfolio operating performance for the benefit of ReSI shareholders.”