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

17 minutes ago
The D8 bus is being re-routed through Queen Elizabeth Olympic Park

It’s going to be a lot easier to get to some of the park’s venues as Transport for London have re-routed a bus.

Elizabeth Olympic
12:00
The real-life Wolf of Wall Street Jordan Belfort spoke at the ExCel Arena on Friday, November 21.

It should be all too easy to dislike Jordan Belfort.

Clockwise from top left: Hylton, Kamali, Naiim and Malungo were convicted yesterday

A gang of violent thieves were convicted yesterday after hiring a cab to target a woman coming home from a night out.

The NEC Wheelchair Tennis Masters is coming to the Olympic Park today. Picture: EMPICS Sport/PA Images

The world’s top wheelchair tennis players will kick off a five day tournament at Lee Valley Hockey and Tennis Centre today.

UN Court

Most read news

Protests have taken place in 170 cities across the US since news broke that Darren Wilson, Mike Brown’s killer, won’t face charges.

The retailers have gone underground to launch their Argos Collect digital store in Cannon Street tube station.

Tony Blair received an award for his “global legacy”, due to his work on poverty, but people say it’s undeserved.

Darren Wilson described what happened when he stopped his police car to speak to Mike Brown before the shooting.

Digital Edition

Image
Read the Newham Recorder e-edition today E-edition