Search

Genesis’ £125million deal for Stratford Halo

15:48 19 January 2013

Housing association Genesis has signed a financial arrangement for £125 million with an investment company allowing it to rent 400 private homes.

The deal, with M&G Investments, means Genesis can rent out the properties at the Stratford Halo development at market rental rates over the next 35 years. M&G paid Genesis £125 million for the flats for which the former will receive rent.

Without the deal, Genesis would have had to sell the properties to buy-to-let investors.

The move comes in the wake of a Government report which indicated a need for housing associations to change their financial structure while continuing to provide mixed tenure housing.

The Stratford Halo development, due for completion this year, includes over 700 properties housing a mixture of tenants encompassing affordable rented and shared ownership as well as retail commercial and leisure space. The 43 floor residential tower is based at the main entrance to the Olympic Park and will create a new London landmark.

Jonathan Clarke, Genesis’s Director of Corporate Finance, said: “This transaction is a strategic response providing Genesis with greater investment capacity in the future when the level of public subsidy for new affordable housing is expected to fall further.”

Robert Kerse, Genesis’ Executive Director of Resources, said: “As a regulated and reputable landlord, we will retain the management of these properties so ensuring a professional service and avoiding the problems which can arise under multiple or absentee landlords.”

0 comments

Latest News Stories

Yesterday, 07:00
Twenty-five Year 7 students have accepted the challenge to complete Tolekein’s ‘The Hobbit’ in an effort to encourage students to read more often and more widely

Ambitious students at a Newham academy remain unfazed after signing up to a challenging reading quest.

Silvertown
Fri, 17:09
Newham Youth Question Time, with Det Supt Ian Lardner, Lyn Brown MP, Cllr Seyi Akiwowo, Cllr Rokhsana Fiaz and Stephen Timms MP,

Students had the chance to grill their members of parliament in the run-up to the general election at Newham Youth Question Time at the Town Hall.

Lyn Brown
Fri, 10:37
Connor Dolam, left, and Alex Eastwood, from Chobham Academy,  join the National Obesity Awareness Week at the Copper Box

Researchers at Cambridge University announced last week that 337,000 deaths a year are caused by “carrying too much weight”.

Fri, 08:24
CCTV image of man police want to question after Stratford hotel incident, March 2014

Police have released this CCTV image today of a man wanted for questioning after a sex attack on a woman in a hotel in east London.

Most read news

People thought the Deputy Prime Minister was pretty funny actually.

Brothers: The David Haines Story, will be broadcast on BBC Radio Scotland at 10.30am on Sunday.

Over £30,000 has been raised in a couple of days for a mugging victim, despite the goal only being set at £500.

Digital Edition

Image
Read the Newham Recorder e-edition today E-edition
Family Notices 24
Our trusted business finder