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Mon May 27 2024

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Morgan Sindall in £300m housing alliance

22 Jan 19 Morgan Sindall has set up a new house-building joint venture with an initial target of delivering 1,500 shared ownership homes with a total value of up to £300m.

Morgan Sindall Investments managing director Lisa Scenna
Morgan Sindall Investments managing director Lisa Scenna

Morgan Sindall Investments (MSI) has entered into a housing investment partnership (HIP) agreement with ReSI Capital Management Ltd (RCM), the fund management arm of real estate investor Residential Secure Income plc.

The government has identified the shared ownership model as a key initiative to help first-time buyers get on the housing ladder.  Prospective buyers are able to acquire an initial 25% to 75% share of a new property, and pay rent on the rest, with the option to incrementally increase their ownership over time.

Morgan Sindall Investments managing director Lisa Scenna said:  "HIP highlights MSI's strong investment credentials and our ability to deploy large volumes of institutional capital into the residential market across our regeneration pipeline. Our partners will benefit from this initiative as HIP will significantly lower the barriers to homeownership and will benefit people who live in the communities where we work."

Jonathan Slater, chief executive of ReSI Capital Management, said:  "This new agreement ensures a strong pipeline of units for ReSI to continue its investment programme in shared ownership through ReSI's registered provider of social housing, ReSI Housing Ltd, and further emphasises our ability to work with leading housing partners."

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