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 Newham News Stories

22 minutes ago
Maryland Primary School debate

Homework has long been a point of argument between pupils and teachers, and that didn’t change when Maryland Primary School’s debate team took on a group of staff members to discuss just that.

Maryland
12:30
Plashet School, Plashet Grove, East Ham - Former students get together and speeches
Former students all from the year 1974-1978 Left to right: Diana Dawes, Cheryl Barnett, Jackie Reeves, Lena Nixon, Jean Segree and Juliette Bryan.

It was a day filled with reminiscing and bringing back old memories at Plashet School on Saturday.

Plashet School
09:00
Sabina Banu, who was homeless, now works at Pret A Manger.

Re-entering the workforce can be a positive experience for people who have been long-term unemployed.

Canning Town
08:00
Teacher pointing at hand in classroom

Most people can’t wait to leave school but if you’re someone that’s keen to dive back into the classroom one of these five jobs could be perfect for you.

Newsletter Sign Up

Most read news

HOT JOBS

Show Job Lists

Competitions

£15k prize bundle

Imagine having the opportunity to win an incredible £15,000 bundle of some of the most amazing prizes available. Well, for one lucky contest entrant that dream could soon become a reality because we at MyOffers are offering an incredible free prize bundle that will make even the most hardened person wild with excitement.

Read more
Win a BMW 1 series

There are fewer cars currently on the market more stylish and exciting than the BMW. Known all over the world as one of the best car manufacturers, the BMW is renowned for sleek designs and fantastic high quality workmanship.

Read more

Digital Edition

cover

Enjoy the
Newham Recorder
e-edition today

Subscribe