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Sage agrees affordable home deals worth £116m
For-profit social housing provider Sage has this month agreed deals to acquire £116m worth of affordable homes despite the coronavirus pandemic dampening the market.
Sage Housing, which is backed by US property investor giant Blackstone, will take ownership of 541 new homes across 13 development schemes around the country through the investments.
The deals are all Section 106 planning agreements with developers, which see a portion of units on new sites allocated for affordable housing.
Sage said that Section 106 deals have slowed because of the coronavirus pandemic, but that it still intends to meet its target of amassing a 20,000-home stock in its first five years.
Rod Cahill, interim chief executive at Sage, said: “We are delighted to be able to continue to invest in new affordable homes, in areas of high housing need, across the country, despite COVID-19 uncertainty.
“We are determined to play our part in reviving construction and its contribution to the economy and in delivering the affordable homes that the UK desperately needs.”
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Of the 541 homes, 293 will be for affordable rent and 248 will be for shared ownership.
They will include shared ownership homes at Argent Related’s 1,036-home scheme in Tottenham Hale, north London.
Sage does not manage its homes directly, instead using a contract with large housing association Places for People.
Wall Street firm Blackstone is the world’s largest property investor with an asset base worth around $500bn.
It acquired a stake in Sage Housing in January 2018, with the landlord set to be in contract on more than 10,000 homes by spring following two years of huge growth and big-name hires.
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