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Housing association acquires 500 homes in £45m deal
Two London housing associations have exchanged contracts on a major sale of social housing stock worth £45m.
Southern Housing Group announced today that it has exchanged contracts with Hyde Group for the purchase of 524 homes in eight local authorities – Woking, Rushmoor, Thurrock, Southend, Hastings, Rother, Wealden and Sevenoaks.
The portfolio includes management agreements with seven different third-party registered providers and care and support providers. In addition, Southern Housing Group will directly manage a sheltered housing scheme in Hastings.
Alan Townshend, development director at Southern Housing Group, said: “We have worked hard alongside the Hyde Group to complete this stock acquisition and are very pleased with the result.
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“We are confident that this transfer will ensure that customers continue to receive the best possible service, as we already manage a number of homes in these eight local authorities.”
David Gannicott, business development director at Hyde Group, added: “The transfer is part of a successful stock rationalisation programme implemented by Hyde to reduce the geographical footprint of its homes. This means Hyde is able to better focus its resources and deliver more value for money and improved landlord services across its remaining 50,000 homes.”
Southern Housing Group and Hyde are due to complete the acquisition at the end of April.
Agents have described last year as a “record year” for stock rationalisation, with housing associations selling more homes to each other than any other year on record. Estimates from experts put total sales between 7,000 and 10,000.
