Gresham House Residential Secure Income LP (ReSI LP) has acquired 469 shared ownership homes in Cornwall for £46mn from Ocean Housing. The homes – 438 houses and 31 apartments – have been developed by Ocean Housing across Cornwall.
The acquisition was made within ReSI LP by ReSI Homes, its wholly owned registered provider of social housing. As part of the transaction, ReSI Homes has entered into a 20-year management agreement with Ocean, providing continuity of service for residents. It is ReSI LP’s first major acquisition in Cornwall and its first transaction with Ocean Housing, which owns around 4,800 homes.
The transaction has received strong support from key stakeholders such as Cornwall Council, which acknowledges the significant capacity this unlocks for Ocean to deliver new affordable housing whilst continuing to invest in the quality of its existing homes. Cornwall faces an affordable housing crisis due to both limited supply of new housing and a high house price to earnings ratio of 11x, compared with the national average of 7x.
The transaction marks an important milestone for ReSI LP, which has now completed transactions with a number of major housing associations such as Orbit, Metropolitan Thames Valley and Swan Housing. ReSI LP has recently also funded 351 new affordable homes across Somerset, Wiltshire, Kent and Suffolk.
