Clarke Willmott acts on sale of almost 400 shared ownership homes
The leading social housing team at national law firm Clarke Willmott LLP has facilitated the sale of 390 shared ownership homes, in a deal worth nearly £35m.
Acting on behalf of housing provider Orbit Group, the firm helped transfer the homes to Legal & General Affordable Homes (LGAH), a subsidiary of Legal & General Group.
The homes are based in 32 local authorities, across the North and South Home Counties, the East and West Midlands, and Norfolk.
Vicky Kells, partner and joint head of Clarke Willmott’s social housing sector, said: “We were delighted to work with Orbit again on this significant deal which forms part of its wider strategy across the UK. Having worked with the group previously, we understand their strategy and can ensure that the deal is completed efficiently, and the outcome is positive.
“The proceeds of the sale will be reinvested into Orbit’s homes and communities so it’s a real win-win and will benefit countless residents all over the country.
“A big thanks to our multi-disciplinary team who assisted this client in achieving its goals.”
Jonathan Wallbank, group finance director at Orbit, said: “As one of the UK’s foremost not-for-profit housing groups, we’re committed to providing good quality, safe and affordable homes, and creating inclusive and sustainable neighbourhoods that prioritise the well-being and aspirations of residents.
“The transfer of these shared ownership homes to another responsible landlord is part of our strategy to increase geographical efficiencies and to improve customer satisfaction, value for money and services for customers.”
The acquisition was funded by Legal & General’s Institutional Retirement division and forms part of its ambitions to increase its investment into the affordable housing sector.
Ben Denton, chief executive of LGAH, said: “By acquiring this stock we are helping to ease pressure on local balance sheets so that they can then spend their limited funds in areas of real need.”
Orbit Group manages a growing portfolio of over 47,000 affordable and social rent homes and supports over 100,000 customers. It is also one of the UK’s largest developers of affordable housing, building 5,700 new homes by 2030. Orbit were also supported in the deal by real estate advisors JLL.
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