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Trowers & Hamlins has advised Gresham House Residential Secure Income LP (ReSi LP) on the £46m acquisition of 469 shared ownership homes from Ocean Housing.

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 Housing, 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.

Gresham House Residential Secure Income LP (ReSI LP) is an evergreen UK limited partnership that provides a unique opportunity to invest in shared ownership homes to make a meaningful contribution to alleviating the UK housing shortage by accelerating the development of socially and economically beneficial affordable housing. Tenanted shared ownership disposal provides a vital capital injection to Housing Associations enabling continued development of new and reinvestment into existing, affordable homes.

Trowers advised on the contract and transfer documentation which included complex arrangements for the transfer of individual pepper-potted flats in blocks, the due diligence of all 469 properties, review of section agreements and planning position.

The team was led by Natalie Owen, who was supervised by Jeremy Hunt (London) and assisted by Samantha Hall (London) and Daniel Stewart (Birmingham).

Natalie commented:

"We are pleased to have advised the UK Housing team at Gresham House on the establishment of this new shared ownership agreement with Ocean Housing. The agreement enables Gresham House to expand its presence in the affordable housing market and help with the delivery of much needed affordable homes in Cornwall."